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Category: Banking

  • MIL-OSI Europe: ECB partners with private sector through digital euro innovation platform

    Source: European Central Bank

    5 May 2025

    • ECB establishes an innovation platform with around 70 market participants on new platform
    • Participants to test digital euro payment functionalities and explore innovative use cases
    • Findings to be shared in report later this year

    The European Central Bank (ECB) has established an innovation platform to collaborate with European stakeholders in the context of the digital euro project. almost 70 market participants – including merchants, fintech companies, start-ups, banks and other payment service providers – have signed up to work with the ECB to explore digital euro payment functionalities and use cases. Following a call for interest published in October 2024, the ECB received over 100 applications from around 70 participants, who joined one or both of the workstreams “pioneers” and “visionaries”.

    The innovation platform simulates the envisaged digital euro ecosystem, in which the ECB provides the technical support and infrastructure for European intermediaries to develop innovative digital payment features and services at European level.

    The pioneers workstream is investigating how conditional payments in digital euro (i.e. transactions that are made automatically when predefined conditions are met, such as the delivery of a package bought online) could be implemented from a technical standpoint. It is also developing potential use cases for day-to-day payments.

    Pioneers will be exploring how to integrate the simulated digital euro interfaces with their platforms. The ECB is providing participants with technical support and specifications, such as an application programming interface, to conduct independent work on use cases of their choice. Pioneers will summarise their findings in a report, which the ECB will review thoroughly to inform its work on the digital euro project.

    The visionaries workstream is conducting research on new digital euro use cases and how they could help address societal challenges, such as digital financial inclusion. For instance, the ability to open a digital euro wallet in any post office could guarantee free access to digital euro services, even for people without a bank account or access to digital devices.

    Visionaries will share and discuss their proposals with the ECB in dedicated workshops that will run until May 2025.

    “We welcome the huge amount of interest that market participants have shown in this exciting initiative,” said Executive Board member Piero Cipollone. “The breadth and creativity of the proposals highlights the digital euro’s potential as a catalyst for financial innovation in Europe, including the development of new solutions that further enhance the payment experience for Europeans and create market opportunites”.

    Findings from both workstreams will be published by the ECB in a report to be published later this year.

    For media queries, please contact Alessandro Speciale, tel.: +49 172 167 0791

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: FS attends ADB meeting in Milan

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan attended the Constituency Meeting at the 58th Annual Meeting of the Asian Development Bank (ADB) in Milan, Italy yesterday.

    Discussions in the Constituency Meeting focused on co-operation between member countries, ways to navigate current economic risks and uncertainties in the region, optimal use of resources to better assist low- and middle-income countries, and provision of technical assistance and support for capacity building in such countries.

    Mr Chan stated that the Hong Kong Administrative Region Government welcomes the ADB’s strengthening of support for developing countries in areas such as addressing climate change, boosting the private sector, promoting regional co-operation, and facilitating digital transformation. In addition, he said it supports enhancing technical assistance to improve the effectiveness of development projects.

    The finance chief stressed that, as an international financial centre, Hong Kong will continue to share its expertise with other members in areas such as establishing capital markets, promoting green transitions and the development of green finance, and infrastructure financing.

    Mr Chan also met Rachel Thompson, the Director representing the Hong Kong, China constituency on the ADB Board of Directors, to discuss how Hong Kong can better assist the ADB in the issuance of insurance-linked securities, including catastrophe bonds.

    In the evening, Mr Chan attended a reception organised by the meeting’s host country, Italy.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on May 05, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 5,646
    Amount allotted (in ₹ crore) 5,646
    Cut off Rate (%) 6.01
    Weighted Average Rate (%) 6.01
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/250

    MIL OSI Economics –

  • MIL-OSI: Inside information: Jouko Pölönen appointed as the CEO of eQ Plc

    Source: GlobeNewswire (MIL-OSI)

    eQ Plc Stock exchange release, inside information

    5 May 2025, at 8:00 AM

    The Board of Directors of eQ Plc (“eQ”) has decided to appoint M.Sc. (Econ & Bus. Adm.), eMBA Jouko Pölönen as the company’s new Chief Executive Officer. Jouko Pölönen will assume the position no later than 5 November 2025. Since 28 October 2024, Janne Larma has been serving as eQ’s interim CEO and will continue in that role until Pölönen is able to start as a new CEO.

    eQ will host a press conference regarding Pölönen’s appointment on 5 May at 1:30 PM, welcoming representatives of the media, investors and analysts. Further details regarding participation can be found at the end of this release.

    Pölönen, 55, has made a distinguished career in the financial sector. Most recently, he has served for seven years as CEO of Ilmarinen Mutual Pension Insurance Company. Prior to that, he held roles such as Head of Banking at OP Financial Group and CEO positions at OP Corporate Bank Plc, Helsinki Area Cooperative Bank, and Pohjola Insurance Ltd.

    “eQ is one of the leading asset managers in Finland, with a particularly strong position in private equity and real estate asset management. I am excited to join eQ’s talented team and confident that together we can create added value for our clients and shareholders. I am highly goal- and results-oriented. I expect that we can drive profitable growth during the coming years,” says Pölönen.

    Chair of the Board Georg Ehrnrooth says that the Board is very pleased to have appointed Pölönen as CEO of eQ.

    “We are convinced that Jouko is the right person to lead eQ and to implement our growth objectives and strategy together with our skilled and professional team,” Ehrnrooth says.

    “Jouko brings in his extensive experience in the financial sector, leadership, and strategic development and execution. In addition, Jouko has a broad network of contacts with investors, businesses, and the public sector. While eQ’s financial performance in the past couple of years has not met the targets, we believe the fundamentals for a turnaround are already in place,” Ehrnrooth continues.

    Pölönen sees significant opportunities in the asset management market:

    “eQ has excellent products that many institutions and family offices rely on. More and more private individuals are saving and investing, and we want to offer also to them the best wealth management products and services to build their wealth. I consider professional asset management as a highly interesting and growing market. A key factor for me in a accepting this role was also the opportunity to become an owner myself,” Pölönen says.

    The three largest shareholders of eQ have agreed to sell a total of one million (1,000,000) eQ shares to Pölönen. Technically, the shares will be sold to Pölönen’s personal investment company. This amount represents approximately 2.4 percent of eQ’s total share capital. As a result of the transaction, Pölönen will rank among the ten largest shareholders of eQ. The share sale will be completed during May.

    Georg Ehrnrooth comments:

    “We want to ensure Jouko’s commitment and give him a strong incentive to drive growth with an entrepreneurial spirit and act in accordance with eQ’s values.”

    Additionally, the Board of Directors has decided to grant Pölönen 100,000 stock options under the 2025 option program. The terms of the option program were announced on 4 February 2025 and are available on the company’s website. Pölönen will receive the options upon the commencement of his employment.

    Jouko Pölönen’s CV is attached to this release.

    Press Conference

    eQ will hold a press conference today, 5 May 2025, at 1:30 PM. Speakers will include Georg Ehrnrooth, Chair of the Board; Janne Larma, interim CEO of eQ; and Jouko Pölönen, appointed CEO of eQ. The event will take place at Studio Eliel in Sanomatalo, Helsinki. Participants will have the opportunity to ask questions after the presentations. The event can also be followed via webcast at: https://eq.videosync.fi/2025-05-05

    eQ Plc

    Additional information:

    Janne Larma, interim CEO, tel. +358 40 500 4366
    Georg Ehrnrooth, Chair of the Board, tel. +358 9 6817 8777 

    Distribution: Nasdaq Helsinki, www.eQ.fi, media

    eQ is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the group total approximately EUR 13.6 billion. Advium Corporate Finance, which is part of the group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets. The share of the group’s parent company eQ Plc is listed on Nasdaq Helsinki. More information about the group is available on our website at www.eQ.fi.

    Attachment

    The MIL Network –

  • MIL-OSI Russia: Israeli army calls up tens of thousands of reservists to expand Gaza offensive

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    JERUSALEM, May 4 (Xinhua) — Israel’s military has begun issuing “tens of thousands” of draft notices to reservists to expand its offensive in the Gaza Strip, Israel Defense Forces (IDF) Chief of Staff Eyal Zamir said Sunday during a visit to a naval base, vowing to step up pressure on the Palestinian Hamas movement to free hostages.

    “This week we are issuing tens of thousands of draft notices to our reservists to strengthen and expand operations in Gaza,” said E. Zamir. “We are increasing the pressure to bring our hostages home and defeat Hamas.”

    He added that as part of the expanded offensive, the army would operate in “additional territories” of the enclave and destroy “all military infrastructure.”

    E. Zamir said that reservists will also be sent to other areas, including the northern border with Lebanon and Syria, as well as the occupied West Bank.

    Earlier over the weekend, Israeli forces struck more than 100 targets in the Gaza Strip, including militant cells, underground infrastructure and military camps, the IDF said.

    Israeli Prime Minister Benjamin Netanyahu and his coalition partners have vowed to continue the war until Hamas is completely defeated, despite growing pressure from the Israeli public for a ceasefire to free the 59 hostages Israel says are still being held in the Gaza Strip.

    In March, Israel ended a two-month truce with Hamas and resumed air and ground fighting. More than 52,000 Palestinians have been killed since the Israeli offensive began in October 2023, according to Gaza health authorities. –0–

    MIL OSI Russia News –

  • MIL-OSI China: Pilot FTZs in China’s coastal regions unwaveringly deepen opening up

    Source: People’s Republic of China – State Council News

    As China marks the 10th anniversary of establishing three pilot free trade zones (FTZs) in its coastal regions, the country has demonstrated its unwavering commitment to deepening reform and advancing high-level opening up.

    Over the past decade, the pilot FTZs in Tianjin municipality and provinces of Guangdong and Fujian have yielded numerous achievements in institutional innovation, trade facilitation and industrial development.

    EXPERIMENTAL POLICIES

    In the Nansha area of the Guangdong pilot FTZ, citizens and tourists can hail a self-driving vehicle, which runs across the district populated by about a million residents.

    Pony.ai, a Chinese autonomous driving technology developer, set up its research and development center in Nansha in 2017, the year after its establishment. At the time, China had yet to introduce policies on autonomous driving. With the pilot FTZ’s policies, Guangzhou chose to pioneer and experiment with drafting regulations, paving the way for the legalization of autonomous vehicle road testing.

    The policies of pilot FTZs have benefited both domestic and international businesses.

    In response to the needs of airlines and maintenance enterprises, authorities in the Tianjin pilot FTZ have tailored and introduced bonded maintenance policies, enabling aviation companies worldwide to enjoy more convenient services for both routine maintenance and passenger-to-cargo conversions in the pilot FTZ.

    Under the previous customs rules, aircraft conversions required prepayment of import duties and a deposit of approximately 10 million yuan (about 1.39 million U.S. dollars), which would be refunded about six months after the completion of the three-month conversion process. At the same time, maintenance companies had to lease warehouses in a bonded zone for parts storage.

    However, since 2019, the Tianjin pilot FTZ’s bonded maintenance initiative has removed the deposit requirement, enabling foreign aircraft to be serviced in this zone without upfront capital expenditure.

    This initiative saves the aircraft maintenance company Tianjin Haite Aircraft Engineering Co., Ltd. approximately 50,000 yuan a month in warehouse rental costs, as it can now store maintenance components in its own facility. “Our overseas revenue has soared from 2 million U.S. dollars in 2019 to 15.5 million U.S. dollars in 2025, thanks to the zone’s bonded maintenance policy,” said Li Han, the company’s deputy general manager.

    The Fujian pilot FTZ has also implemented multiple experimental policies to boost cross-border trade, including streamlining the administrative approval process, shortening the customs clearance period, and granting equal treatment to domestic and foreign enterprises.

    Taking customs clearance as an example, Fujian has offered one-stop customs clearance services for companies in the pilot FTZ areas, which allows them to apply for customs clearance without docking the vessels. The policy has reduced logistics costs by 28 percent and improved customs clearance efficiency by 30 percent on average.

    Zhongjing Petrochemical Group Co., Ltd., a polypropylene producer located in the Fuzhou area of the Fujian pilot FTZ, requires substantial production materials imported from overseas each year. Under the traditional customs declaration model, vessels must wait for the declaration and inspection of all cargo before unloading, incurring daily port stay-over costs of up to 360,000 yuan per vessel.

    The local customs authority conducted on-site research and tailored a “compartmentalized declaration and inspection upon unloading” supervision model. This has resulted in an average reduction of one day in the operational cycle for individual vessels.

    Huang Min, deputy general manager of the company, said the new customs measures have improved the efficiency of their raw material turnover by nearly 30 percent. “This is particularly crucial for bulk hazardous materials such as propane, which have high demands for storage and transportation timeliness.”

    The optimization of the customs clearance process ensures continuous operation of production lines. “This year, we plan to expand our production capacity and anticipate importing approximately 2.6 million tonnes of propane and other materials, with the new model expected to save us over 20 million yuan in port stay fees,” Huang said.

    DEEPENING OPENING UP

    “The three pilot FTZs have comprehensively deepened reform and led high-standard opening up with high-level modern industrial clusters,” Meng Huating, a commerce ministry official, told a press conference last week.

    The Guangdong pilot FTZ has seen its total trade volume surge from approximately 110 billion yuan in 2015 to around 740 billion yuan in 2024, achieving an average annual growth rate of over 24 percent. The Fujian pilot FTZ has 138,000 newly established enterprises, 8.8 times the number before its establishment. The official said that the Tianjin counterpart has attracted an average annual utilization of foreign investment exceeding 2 billion U.S. dollars, contributing more than 40 percent of the city’s total actual foreign investment while occupying just 1 percent of its land area.

    In the Qianhai and Shekou areas of the Guangdong pilot FTZ, authorities have been attracting more global talent as a move to drive deeper opening up.

    To solve their work and living problems, global professionals can visit the Qianhai International Talent Hub, a one-stop center offering 700 government and business services, including streamlined visa and work permit processing.

    The hub has also launched an “In Qianhai” online portal, which has provided employment information, business policies and other customized support for 48,000 people.

    To make financial activities more convenient, the Tianjin pilot FTZ has established over 3,000 Free Trade (FT) accounts to bolster cross-border trade and investment for domestic and international enterprises, with transaction volume surpassing 1.15 trillion yuan.

    Previously, companies needed to have multiple accounts and go through intricate processes — including currency conversion — to procure foreign goods. FT accounts now enable direct payments in Chinese currency, renminbi, and foreign currencies through a unified account, offering flexible financing solutions and competitive onshore-offshore exchange rates.

    Bank of China has customized financial products by integrating FT accounts with local specialized industries, such as leasing and shipping logistics, providing one-stop services like online freight settlement, asset trading and cross-border financing.

    “FT accounts streamline cross-border transactions, reduce costs and enhance returns for businesses,” said Sun Yong, vice president of the bank’s Tianjin branch.

    With a global eye, the Xiamen pilot FTZ area in Fujian has been facilitating more convenient trade by taking advantage of its coastal location with ports and shipping facilities.

    The area is endeavoring to build a hub connecting the Silk Road Economic Belt and the 21st Century Maritime Silk Road, while building an interconnected economic corridor. So far, 122 shipping routes named after the “Silk Road Maritime” have been opened, linking 46 countries and 145 ports.

    To date, China has set up 22 pilot FTZs. In 2024, they attracted 28.25 billion dollars of foreign direct investment in actual use, accounting for 24.3 percent of the country’s total, according to the Ministry of Commerce.

    China established its first pilot FTZ in Shanghai in 2013, with the major mission of trialing transformative reforms in government functions, the country’s financial system, trade services, foreign investment and taxation, and pilot policies that could later be applied across the country.

    MIL OSI China News –

  • MIL-OSI Economics: Money Market Operations as on May 02, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 8,819.35 5.80 5.00-6.10
         I. Call Money 3,119.40 5.70 5.25-5.95
         II. Triparty Repo 4,029.95 5.81 5.00-5.95
         III. Market Repo 41.00 5.60 5.60-5.60
         IV. Repo in Corporate Bond 1,629.00 5.97 5.95-6.10
    B. Term Segment      
         I. Notice Money** 14,868.63 5.90 4.95-6.00
         II. Term Money@@ 649.00 – 5.80-6.20
         III. Triparty Repo 3,97,700.45 5.77 5.70-6.00
         IV. Market Repo 2,00,460.38 5.80 0.01-6.25
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 02/05/2025 14 Fri, 16/05/2025 149.00 6.01
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Fri, 02/05/2025 3 Mon, 05/05/2025 6,231.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Fri, 02/05/2025 1 Sat, 03/05/2025 513.00 6.25
      Fri, 02/05/2025 2 Sun, 04/05/2025 0.00 6.25
      Fri, 02/05/2025 3 Mon, 05/05/2025 55.00 6.25
    4. SDFΔ# Fri, 02/05/2025 1 Sat, 03/05/2025 1,92,051.00 5.75
      Fri, 02/05/2025 2 Sun, 04/05/2025 0.00 5.75
      Fri, 02/05/2025 3 Mon, 05/05/2025 7,984.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,93,087.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,479.16  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     35,210.16  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,57,876.84  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on May 02, 2025 9,40,028.46  
         (ii) Average daily cash reserve requirement for the fortnight ending May 02, 2025 9,51,938.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ May 02, 2025 6,380.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on April 18, 2025 2,02,749.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/249

    MIL OSI Economics –

  • MIL-OSI China: Xi Jinping: A visionary architect of world peace and development

    Source: China State Council Information Office

    Chinese President Xi Jinping watches the military parade during the commemoration activities to mark the 70th anniversary of the victory of the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War, in Beijing, capital of China, Sept. 3, 2015. (Xinhua/Lan Hongguang)

    In the stately Conference Building at the United Nations Headquarters in New York City, a 65-inch-tall resplendent bronze vessel gleams under soft light, its cloisonne enamel blazing in vibrant Chinese red.

    The “Zun of Peace,” presented by Chinese President Xi Jinping in September 2015 as a special gift for the United Nations’ 70th anniversary, is not merely a delicate artifact. It embodies the aspiration and conviction of the Chinese people to seek peace, development, cooperation and win-win outcomes, Xi said at its unveiling.

    A decade later, as the top Chinese leader travels to Moscow to celebrate the 80th anniversary of victory in the Great Patriotic War, his presence both carries the weight of history and reaffirms a vision of the future.

    Leading a nation always aspiring for peace and harmony in its long history and further strengthened by its battles against militarism, imperialism and fascism in its recent past, Xi commands a unique insight into the value of peace, and has steadfastly championed the building of a peaceful world, a cause of great urgency given the tensions and conflicts on the global landscape today.

    Chinese President Xi Jinping (R) attends a presentation ceremony on which the Chinese government gives the “Zun of Peace” to the United Nations as a gift in New York, the United States, Sept. 27, 2015. (Xinhua/Li Tao)

    ASPIRATION FOR PEACE

    Xi sees history as a mirror from which humanity should draw lessons to avoid repeating past calamities.

    This year marks the 80th anniversary of victory in what is commonly known in China as the World Anti-Fascist War or, more globally, as World War II. Almost every part of the world was involved, and more than 100 million were killed or wounded in what was described as the most destructive conflict in human history.

    The bravery and tremendous sacrifice of the Chinese people played a decisive role in defeating Fascist Japan and offered strategic support to the Allies on the European and Pacific battlefields.

    “History has told us to stay on high alert against war, which, like a demon and nightmare, would bring disaster and pain to the people,” Xi once said. “History has also told us to preserve peace with great care, as peace, like air and sunshine, is hardly noticed when people are benefiting from it, but none of us can live without it.”

    This historical observation features prominently in Xi’s unrelenting pursuit of peace. He has repeatedly reiterated China’s commitment to peaceful development, pledging that China will never seek hegemony, expansion or any sphere of influence, no matter how strong it may grow.

    During a 2014 visit to France, Xi reshaped Napoleon’s metaphor of China as a “sleeping lion” that would shake the world upon awakening. “Now China the lion has awakened. But it is a peaceful, amicable and civilized lion,” Xi said when illustrating the peaceful dimension of the Chinese Dream.

    Xi’s philosophy stems from the millennia-old Chinese culture. An avid reader of traditional Chinese classics, he once expounded how ancient Chinese wisdom views war and peace by quoting “The Art of War,” a Chinese classic written more than 2,000 years ago.

    The book’s key message “is that every effort should be made to prevent a war and great caution must be exercised when it comes to fighting a war,” Xi said when delivering a keynote speech in the UN Office at Geneva in 2017.

    Xi’s view on prudence in warfare is also reflected in his exchanges with foreign leaders and officials.

    “It has long been known that the real experts on military affairs do not want to employ military means to solve issues,” he quoted a Chinese aphorism when meeting with then U.S. Secretary of Defense James Mattis in Beijing in 2018.

    Chinese President Xi Jinping straightens the ribbon on a flower basket during a ceremony to present flower baskets to fallen heroes at Tian’anmen Square in Beijing, capital of China, Sept. 30, 2024. (Xinhua/Wang Ye)

    A clear manifestation of Xi’s reflection is to cherish history and honor heroes. “A nation of hope cannot be without heroes,” Xi once said. Every year since 2014, Xi has paid tribute to China’s fallen heroes on Martyrs’ Day, which falls on Sept. 30, a day ahead of the country’s National Day.

    In 2015, when China celebrated the 70th anniversary of its victory in World War II, Xi presented medals to Chinese veterans and representatives from Russia and other countries who assisted Chinese soldiers on the battlefields.

    Nikolai Chuikov, the grandson of Soviet General Marshal Vasily Chuikov, was among those who received a peace medal from Xi. “Of all the honors I have won, I hold the highest regard for the peace medal,” he said.

    Chinese President Xi Jinping (R, front) shakes hands with a Russian veteran in Moscow, Russia, on May 8, 2015. (Xinhua/Zhang Duo) 

    TORCH OF MULTILATERALISM

    Under Xi’s leadership, China has adhered to an independent foreign policy of peace, played an active role in UN peacekeeping missions, and solidified its friendships and partnerships with countries worldwide.

    As hegemonism and protectionism once again rear their ugly heads, the world is gripped by an increasingly intricate array of challenges and uncertainties. In Xi’s eyes, the only way out is to practice true multilateralism. He once compared multilateralism to a torch that can light up humanity’s way forward.

    The Chinese president has consistently urged the international community to safeguard the UN-centered international system forged in the aftermath of World War II and anchored by international law.

    “We must promote multilateralism, the core essence of which is that international affairs should be decided through consultation among all countries, rather than by one country or a few countries,” he said.

    This photo taken on Jan. 2, 2025 shows the 46th fleet of the Chinese People’s Liberation Army Navy during a counter-terrorism and anti-piracy exercise.The fleet traveled over 160,000 nautical miles during its 339-day voyage, escorting ships during missions in the Gulf of Aden and the waters off Somalia. (Xinhua/Zhang Dayu)

    Xi, a staunch champion of true multilateralism, has guided China over the years in taking a proactive and constructive role in addressing regional and global hot-button issues.

    To end the Ukraine crisis at an early date, Xi has put forward a four-point proposal, emphasizing that the sovereignty and territorial integrity of all countries should be respected; the purposes and principles of the UN Charter observed; the legitimate security concerns of all countries given due regard; and all efforts conducive to the peaceful settlement of the crisis supported.

    Under Xi’s leadership, China has conducted shuttle diplomacy and mediation efforts to promote peace talks and initiated the “Friends of Peace” group with Brazil and other Global South countries on the Ukraine crisis at the United Nations.

    Regarding the Middle East, the Chinese president has promoted peace and stability in the volatile region. With China’s mediation, Saudi Arabia and Iran agreed in March 2023 to restore diplomatic relations after a seven-year hiatus. In the lead-up to the negotiations, Xi talked separately with the leaders of both countries.

    During a phone call with Xi soon after the breakthrough was achieved, Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud applauded China’s increasingly important and constructive role in regional and international affairs.

    In face of the gathering gloom of conflict on the horizon, Xi has championed a transformative approach to collective security. In May 2014, he articulated a vision of common, comprehensive, cooperative and sustainable security for Asia. Eight years later, he presented the Global Security Initiative to the world.

    “We, as humanity, are living in an indivisible security community,” he said, advocating dialogue over confrontation, partnership over alliance, and win-win outcomes over zero-sum approaches.

    “GOLDEN KEY” OF DEVELOPMENT

    Lasting world peace remains one of humanity’s greatest aspirations. For Xi, peace and development are inseparable. He once observed that the tree of peace does not grow on barren land, and the fruit of development is not produced amid flames of war.

    In view of the interlocked relations, Xi insists that the “golden key” to a secure and stable future is to advance sustainable development.

    Since assuming China’s presidency, Xi has positioned development as a pillar of his vision of building a better future for humankind. The initiatives he has proposed in this regard, notably the Belt and Road Initiative and the Global Development Initiative, serve as bridges to foster common development through broader collaboration.

    China has provided development aid to over 160 countries, and Belt and Road cooperation has involved more than 150 countries. Under the Global Development Initiative, China has mobilized nearly 20 billion U.S. dollars of development funds and launched more than 1,100 projects, fueling growth and modernization drives in many countries, particularly developing ones.

    An aerial drone photo taken on March 4, 2024 shows trains running on the Lagos Rail Mass Transit Blue Line in Lagos, Nigeria. Undertaken by China Civil Engineering Construction Corporation in July 2010 and completed in Dec. 2022, the first phase of the Lagos Rail Mass Transit Blue Line corridor spans 13 km and covers five stations. (Xinhua/Han Xu)

    “China is sharing its development experience with other countries through its development initiatives, which have helped to promote common development,” said Straton Habyarimana, a Rwandan economic analyst.

    “Since these initiatives are people-centered, they address key challenges such as food insecurity and poverty” and have helped ease tensions among countries, he added.

    UPDATE OF WORLD ORDER

    Nestled by the Huangpu River in Shanghai, the New Development Bank was founded by five BRICS countries in 2014 to provide financing support for member countries to bolster transport infrastructure, clean energy and digital infrastructure.

    When Xi visited the bank a few days ago, he saw more than a mere financial institution. He described it as a “pioneering initiative for the unity and self-improvement of the Global South,” underscoring an enduring commitment to building a more just and equitable international order.

    This aerial photo taken on June 17, 2022 shows the headquarters building of the New Development Bank in east China’s Shanghai. (Xinhua/Fang Zhe)

    BRICS countries stand at the forefront of the Global South. Xi has personally pushed for the BRICS’ historic expansion in 2023 to create stronger unity among the Global South. The expansion, he said, would further strengthen the forces for world peace and development.

    Developing countries remain underrepresented in the global governance system, which the West has long dominated. China maintains that only when the rise of emerging markets and developing countries is reflected in the global governance system will global development be more balanced and global peace more firmly based.

    During the 2022 Group of 20 Summit in Bali, Indonesia, Xi vocally supported the African Union in joining the leading multilateral mechanism, making China the earliest and most vocal champion for amplifying Africa’s voice in global governance.

    Chinese President Xi Jinping walks to the venue of the 17th summit of the Group of 20 in Bali, Indonesia, Nov. 15, 2022. (Xinhua/Ju Peng)

    In recent years, Xi has proposed the Belt and Road Initiative, the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative as key global public goods to create a more just and equitable global governance system.

    Former UN Secretary-General Ban Ki-moon, who received the “Zun of Peace” from the Chinese president on behalf of the United Nations 10 years ago, said China’s initiatives to promote global peace and development are inseparable from Xi’s foresight.

    “China is playing an increasingly important role on the world stage, and Xi has demonstrated proactive and crucial leadership,” Ban said. “He always believes that China can only do well when the world is doing well, and when China does well, the world will get even better.”

    In Xi’s own words, “every increase of China’s strength is an increase of the prospects of world peace.”

    MIL OSI China News –

  • MIL-OSI Economics: Joint Statement of the 28th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting

    Source: ASEAN

    1. The 28th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM+3) took place on 4 May 2025 in Milan, Italy under the co-chairmanship of H.E. Datuk Seri Amir Hamzah Azizan, Minister of Finance II of Malaysia, H.E. Dato’ Seri Abdul Rasheed Ghaffour, Governor of Bank Negara Malaysia, H.E. Lan Fo’an, Minister of Finance of the People’s Republic of China, and H.E. Pan Gongsheng, Governor of the People’s Bank of China. The Director of the ASEAN+3 Macroeconomic Research Office (AMRO), the President of the Asian Development Bank (ADB), the Deputy Secretary-General of ASEAN Secretariat, and the Deputy Managing Director of the International Monetary Fund (IMF) were also present at the meeting.
     
    2. We express our deepest condolences to the people of Myanmar and Thailand for the tragic loss caused by the devastating earthquake on 28 March. Our thoughts are with the affected communities during this difficult time, and we stand in solidarity with them as they recover and rebuild.
     
    Download the full statement here.
    The post Joint Statement of the 28th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI New Zealand: Economy – Rise of the machines: How could artificial intelligence impact financial stability? – Reserve Bank of NZ

    Source: Reserve Bank of New Zealand

    5 May 2025 – The rapid acceleration of artificial intelligence (AI) adoption in financial services presents both opportunities and risks to financial stability, according to the Reserve Bank of New Zealand in a special topic from the upcoming May 2025 Financial Stability Report.

    As AI tools and models become increasingly sophisticated and widely integrated across the financial services sector, they offer significant potential benefits. These include improved productivity, greater modelling accuracy, enhanced risk assessment capabilities, and strengthened cyber resilience – helping financial institutions better detect and manage threats.

    Alongside these opportunities lie potential vulnerabilities. Errors in AI systems, data privacy concerns and market distortions could amplify existing risks. The growing reliance on a small number of third-party AI providers may also contribute to market concentration, creating new channels for contagion and increasing the potential impact of cyber-attacks.

    “There is still considerable uncertainty around how AI will shape the financial system,” said Kerry Watt, Director of Financial Stability Assessment & Strategy. “While its impact could be positive, especially in enhancing resilience, it could also introduce or amplify vulnerabilities.”

    Regulated entities are expected to understand and manage AI-related risks as part of their existing obligations. The special topic notes that it is important that regulatory frameworks keep pace with technology developments to support effective risk management by industry.

    We will continue to closely monitor developments in AI technology, adoption trends, and the evolving regulatory landscape, to ensure that the financial system remains well-positioned to manage emerging risks.

    https://youtu.be/pkG81U95Pyk

    More information

    AI Special Topic (extract from Financial Stability Report, May 2025) https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=a6bc4d90d0&e=f3c68946f8
    The May Financial Stability Report (FSR) will be released on Wednesday 7 May 2025 at 9:00am.

    MIL OSI New Zealand News –

  • MIL-OSI Video: RBNZ How could AI impact financial stability here in NZ?

    Source: Reserve Bank of New Zealand (video statements)

    https://www.youtube.com/watch?v=pkG81U95Pyk

    MIL OSI Video –

  • MIL-OSI Banking: Luis de Guindos: Interview with Die Presse

    Source: European Central Bank

    Interview with Luis de Guindos, Vice-President of the ECB, conducted by Jakob Zirm on 28 April 2025

    3 May 2025

    Die Presse: Since June 2024 the ECB has already cut interest rates seven times. How long will this period of interest rate cuts last?

    Luis de Guindos: This will depend on how inflation develops. But we can be optimistic because our latest forecasts show that, from the end of this year, inflation will be very close to our target of 2%. Moreover, inflation continues to fall thanks to three additional factors. First, the euro has appreciated. Second, energy and commodity prices are declining. And third, the current economic uncertainty about tariffs could lead to greater wage moderation than that already suggested by the latest survey results. All these elements contribute to bringing inflation further down. And this is the decisive factor in whether we continue to lower interest rates.

    Where would you place the neutral interest rate, i.e. the rate which neither stimulates nor restricts economic growth? Is this a target for the ECB?

    The discussion about the neutral rate is very interesting from an academic standpoint. However, it is not very helpful for monetary policy decision-making because the neutral rate cannot be directly observed. Our decisions are based on how inflation develops, our projections and how our monetary policy is transmitted to the real economy. And, as I said, we are optimistic that we will sustainably achieve our inflation target.

    The US Federal Reserve is lowering interest rates much more slowly than the ECB. Is the large interest rate differential between the United States and the euro area a problem?

    The situation in the United States and Europe is different. You should look not only at nominal interest rates, but also at real interest rates. In the United States, inflation and inflation expectations are higher than in Europe, due to a different economic outlook. So the interest rate differential is smaller in real terms. In addition, inflation is more persistent in the United States.

    We have policy space to pursue our own monetary policy, but of course we are monitoring what is happening in the United States.

    In 2022 the euro depreciated massively after the Federal Reserve hiked interest rates half a year sooner. Is there a similar risk again now?

    Not necessarily at the moment. Despite all the uncertainties and contrary to expectations, the euro appreciated after the tariff announcements. Exchange rate developments depend on many factors. We do not have any exchange rate objective, but we monitor the exchange rate closely because it is an important macroeconomic variable in our assessment of the risks for price stability.

    It is important to moderate exchange rate volatility.

    But if the trend reverses and the dollar becomes significantly stronger again, could this fuel inflation in the euro area again?

    We are closely monitoring exchange rate developments. But there are currently no signs of a weakening of the euro. Much will depend on how the current dispute over tariffs develops.

    The average inflation rate in the euro area is currently 2.2%. However, some eastern European countries still have inflation rates of 3% or 4%. Is inflation really under control everywhere in the euro area?

    Differences in inflation developments between countries are normal, it’s the average that is crucial. Our projections show that both headline and core inflation are on track to reach our 2% target. We are paying particular attention to monitoring services inflation, which is strongly influenced by wages. Here, too, we are seeing signs of a slowdown in wage dynamics.

    Let’s talk about growth. In March the ECB predicted GDP growth of 0.9% for the euro area in 2025. Is this still realistic given the tariff debate?

    You are right – this forecast was made before the announcement of US tariffs. Uncertainty we’ve seen since then has weighed on economic activity and is likely to delay investment and consumption. Uncertainty is always bad for the economy. We already pointed to such downside risks in our March projections. The risks are now materialising.

    In Austria, we are in recession for the third year in a row now. Could the entire euro area slide into a recession?

    No, our baseline continues to expect very low but positive growth. It’s well below potential growth, but I don’t think that the euro area is heading into a recession.

    US tariffs are currently suspended. How bad would the damage be if the trade war were to escalate?

    An all-out trade war would have a very serious impact on growth. I really hope it doesn’t come to that. It is also important to take the diversion effects that can occur in trade flows into account, making the consequences difficult to predict.

    US President Donald Trump recently launched a mass attack on the Federal Reserve and its Chair Jerome Powell. What are the consequences of such an attempt to exert political pressure on the work of central banks?

    The independence of central banks is crucial. It is key to their credibility and thus to combating inflation. Even when inflation was extremely high two years ago, inflation expectations in Europe remained anchored because the central bank was considered independent and credible. This credibility is essential to keep inflation expectations under control and, in particular, to avoid wage-price spirals.

    There has been a discussion on whether the euro’s role as a reserve currency could be strengthened if confidence in the US dollar declines. Do you see that as possible?

    The dollar is clearly leading as a reserve currency. The international importance of the euro is a lot less in comparison. Its future development depends on us, however. If Europe builds stronger capital markets and establishes itself as a true single market, the role of the euro at international level could be strengthened. Closer integration and a more pro-European approach are crucial.

    What would be needed to create a true European capital markets union?

    Three central pillars would be needed. First, we need a true single market – barriers and national legislation that impede further integration must be removed. Second, we need to complete the banking union. We already have single supervision and resolution, but we still lack a common deposit guarantee scheme. Third, we need to further develop the capital markets union itself. These three elements are interconnected – progress in one area is difficult without progress in the other two.

    Many support the capital markets union but little progress has been made. Who is blocking it?

    The problem is that without a true single market for goods and services, the capital markets union is also difficult to implement. The banking union is more advanced but there is still a lot to be done. Capital flows follow the real economy, which is why we need integrated goods and services markets.

    In this situation, does it help if national governments block cross-border bank mergers – as is currently the case in Germany, where UniCredit wishes to buy Commerzbank?

    I will not comment on any specific mergers. But in general, we support cross-border mergers because they are necessary to create truly European banks and complete the banking union.

    Is there too much nationalism in the European financial system?

    Sometimes there is too much national focus. But there is a growing awareness that Europe needs to become more independent. And the only way to remain relevant on the world stage is to be more European and a little less nationally focused.

    The European Commission is now also pushing ahead with the simplification of European regulation. This also applies to the financial market of course. Where should economic activity be made easier for businesses?

    The ECB has set up its own high-level task force, which I coordinate. It’s meant to draw up proposals by the end of the year, which will be passed on to the legislator. This may involve, for example, the implementation of Basel III or reporting, which could be streamlined, or the simplification of bank capital structure, to make it clearer and more understandable for investors. However, simplification does not mean de-regulation, it should not jeopardise banks’ solvency.

    When inflation was high, many euro area countries steeply increased their debt and the ECB bought many government bonds, which amounted to some 30% of the outstanding volume in the case of some countries. Is that a problem?

    Those measures were necessary in the context of the pandemic. But now we need to increase defence spending and preserve fiscal sustainability at the same time in order to avoid rising market interest rates and thus lower private investment. That won’t be easy.

    The Austrian central bank has reported annual losses of more than €2 billion in the past two years. This was due to the purchase of low-yield government bonds. Is that the hidden price of expansionary monetary policy?

    Our monetary policy is not determined by the profit and loss accounts of the central banks. Looking back, central banks have made significant gains over the past ten years. The current loss is a consequence of the high liquidity in the market, on which central banks have to pay higher interest rates. However, this liquidity is currently being reduced at a fast pace. The situation will improve in the future.

    Are the high debt levels of euro area countries jeopardising future growth?

    When markets have doubts about debt sustainability, market interest rates rise, which can reduce private investment. That is why a credible and sustainable fiscal policy is crucial.

    MIL OSI Global Banks –

  • MIL-OSI Asia-Pac: Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to attend ADB’s Annual Meeting in Milan, Italy, from 4th to 7th May 2025

    Source: Government of India

    Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to attend ADB’s Annual Meeting in Milan, Italy, from 4th to 7th May 2025

    The Union Finance Minister will also hold bilateral meetings with Finance Ministers of Italy, Japan, and Bhutan as well as heads of other international organisations, besides meeting global think-tanks, business leaders and CEOs in Milan

    Smt. Sitharaman will also interact with the Indian diaspora in Milan and also address a plenary session in at the Bocconi University on “Balancing Economic and Climate Resilience”

    Posted On: 04 MAY 2025 4:04PM by PIB Delhi

    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman will lead the Indian delegation of officials from the Department of Economic Affairs, Ministry of Finance, to attend the 58th Annual Meeting of the Board of Governors of Asian Development Bank (ADB), scheduled to take place in Milan, Italy, from May 4 to 7, 2025.

    The meetings will be attended by official delegations of Board of Governors of ADB, official delegations of ADB members and international financial institutions. The Union Finance Minister will participate in the Annual Meeting’s focal events like the Governors’ Business session, Governor’s Plenary Session and as a panelist in the ADB Governors’ Seminar on “Cross-Border Collaboration for Future Resilience”.

    On the sidelines of the ADB’s 58th Annual Meeting, Smt. Sitharaman will also hold bilateral meetings with Finance Ministers of Italy, Japan, and Bhutan, in addition to meetings with President of ADB, the President of the International Fund for Agricultural Development (IFAD), and the Governor of the Japan Bank for International Cooperation (JBIC).

    The Union Finance Minister will also interact with the Indian diaspora in Milan, besides meeting global think-tanks, business leaders and CEOs, and participating in a Plenary Session of the NEXT Milan Forum at the Bocconi University on “Balancing Economic and Climate Resilience”.

    ****

    NB/KMN

    (Release ID: 2126754) Visitor Counter : 122

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India Set to Lead Global Land Reform Talks during 5th to 8th May, 2025 at World Bank Headquarters in Washington, DC

    Source: Government of India

    India Set to Lead Global Land Reform Talks during 5th to 8th May, 2025 at World Bank Headquarters in Washington, DC

    SVAMITVA and Gram Manchitra to be showcased at the World Bank Land Conference themed ‘Securing Land Tenure and Access for Climate Action’

    Posted On: 04 MAY 2025 12:35PM by PIB Delhi

    A high level Indian delegation is set to present its transformative SVAMITVA Scheme and Gram Manchitra platform at the World Bank Land Conference 2025, taking place from 5th to 8th May at the World Bank Headquarters,  Washington, D.C. in the United States of America. Led by Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj (MoPR), and comprising of Joint Secretary, MoPR Shri Alok Prem Nagar, Additional Surveyor General, Survey of India Shri Shailesh Kumar Sinha, along with senior officials from Maharashtra and Uttar Pradesh, the delegation will present its flagship SVAMITVA (Survey of Villages and Mapping with Improvised Technology in Village Areas) Scheme at two key sessions during the upcoming international forum on land governance.

    This year’s World Bank Land Conference, themed “Securing Land Tenure and Access for Climate Action: Moving from Awareness to Action”, will bring together global leaders, policymakers, experts and development partners to explore strategies for securing land tenure, modernizing land administration for sustainable development and climate-responsive governance. Under India’s flagship SVAMITVA Scheme that provides legal ownership of rural properties using drones and geospatial technology, property cards to over 24.4 million households across 1.6 lakh villages have been issued, mapping over 100 million property parcels and unlocking an estimated $1.162 trillion (Approx. 100 crores) in land value. India will play a key role at the World Bank Land Conference 2025, wherein SVAMITVA Scheme will be spotlighted as a transformative model of rural empowerment through drone mapping, high-accuracy geospatial data, and platforms like Gram Manchitra for climate-aligned planning. With applications in tax administration, infrastructure, and disaster preparedness, SVAMITVA exemplifies inclusive, tech-driven governance. India’s leadership in digital land reforms and its commitment to South-South collaboration will be central to the global dialogue on scalable and people-centric land solutions. The conference agenda includes high-level plenary sessions, regional workshops, thematic exchanges, and an innovation expo, all focused on accelerating secure land access, modernizing land administration systems, and driving climate-responsive governance. Sessions will highlight best practices, operational strategies, and cutting-edge research to scale up reforms in land tenure, promote the use of geospatial technologies, and build resilience in the face of climate challenges.

    Secretary, Ministry of Panchayati Raj Shri Vivek Bharadwaj, will represent India as a Country Champion in the Plenary Session on “Good Practices and Challenges in Land Tenure and Governance Reform” wherein SVAMITVA Scheme’s impact on rural property rights, women’s empowerment, and dispute resolution, contributing to global discussions on SDG Target 1.4.2 (Proportion of total adult population with secure tenure rights to land, (a) with legally recognized documentation, and (b) who perceive their rights to land as secure, by sex and type of tenure) will be discussed. Shri Alok Prem Nagar, Joint Secretary, Ministry of Panchayati Raj, will lead a Technical Session on “Establishing the Land Foundation for Climate Action and Disaster Risk Management” wherein India’s Gram Manchitra platform, which utilizes SVAMITVA’s high-resolution spatial data to support village-level planning, solar energy site selection, disaster mitigation and rural development will be showcased.

    India’s participation in the 2025 World Bank Land Conference marks a significant milestone in global rural land governance. Earlier, in March 2025, India hosted a six-day International Workshop on Land Governance with delegates from 22 countries, where SVAMITVA drew strong interest for its digital mapping and geospatial approach, with several nations expressing intent to collaborate.

    For more information, click below for speech excerpts of Hon’ble Prime Minister Shri Narendra Modi on SVAMITVA Scheme:

    https://pib.gov.in/PressReleasePage.aspx?PRID=2094008

    ***

    Aditi Agrawal

    (Release ID: 2126696) Visitor Counter : 152

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Restitution Session: Mapping Study of Women Business Associations in Africa

    Source: African Development Bank Group
    What:     Workshop presenting findings of the African Development Bank’s Mapping Study of Women’s Business Associations in Africa
    Who:      The African Development Bank’s Civil Society and Community Engagement Division, in collaboration with its Affirmative Finance Action for Women in Africa (AFAWA) initiative

    MIL OSI Economics –

  • MIL-OSI: First Federal Savings Bank and ICBA: Support Local Small Businesses Throughout National Small Business Week, May 4-10

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., May 04, 2025 (GLOBE NEWSWIRE) — First Federal Savings Bank and the Independent Community Bankers of America (ICBA) encourage Americans to reinvest in their local community by shopping with small businesses, especially during National Small Business Week, May 4-10, 2025. Small businesses have generated 17.3 million net new jobs (from 1995-2021), accounting for two out of every three jobs added to the economy. 

    “At the center of our commitment to fostering local prosperity is empowering small businesses,” Courtney Schmitt, VP, Marketing Manager at First Federal Savings Bank. “When small businesses thrive, the growth of our community follows, and so we champion the successes of small businesses by providing financial support.”

    Small businesses comprise 99.9 percent of all firms and account for 44 percent of U.S. economic activity. When it comes to their financing needs, they most often turn to community banks, which fund more than 60 percent of all small business loans under $1 million. In fact, small businesses consistently rank community banks as their lender of choice, according to a series of studies from the Federal Reserve Banks.

    “ICBA represents the nation’s community banks, which power the potential of locally grown businesses,” ICBA President and CEO Rebeca Romero Rainey said. “Community banks ensure that small businesses have access to vital capital and contribute to the growth and prosperity of the community overall.”

    To find out more about how First Federal Savings Bank can help support you or the small businesses that fuel our community, visit our website at https://www.firstfedsavings.bank/.

    For more on National Small Business Week, visit www.sba.gov. To learn more about the community bank difference, visit banklocally.org.

    About First Federal Savings Bank Member FDIC

    First Federal Savings Bank was established on Evansville, Indiana’s Westside in 1904. A community bank offering eight locations in Posey, Vanderburgh, Warrick, and Henderson County. First Federal Savings Bank is also proud to offer Home Building Savings Bank locations in Daviess and Pike County.

    About ICBA

    The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.

    As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.

    The MIL Network –

  • MIL-OSI Banking: CBB Organizes Workshop on “Legal Professionals Account Opening Guidance”

    Source: Central Bank of Bahrain

    CBB Organizes Workshop on “Legal Professionals Account Opening Guidance”

    Published on 4 May 2025

    Manama, Bahrain – 04 May 2025 – In line with the newly introduced requirements by the Ministry of Justice, Islamic Affairs and Waqf, the Central Bank of Bahrain (CBB) hosted a workshop to discuss the “Legal Professionals Account Opening Guidance” paper issued by the Central Bank of Bahrain. The session focused on showcasing the process retail banks are expected to follow when opening accounts for lawyers or law firms.

    Under the updated requirements, legal professionals must have dedicated bank accounts for client payments, which may only be opened upon receiving a no-objection certificate from the Ministry. The letter must also include relevant Know Your Client (KYC) information, aligning the process with established compliance and transparency standards.

    The workshop was attended by nearly 60 representatives from the CBB, the Ministry of Justice, Islamic Affairs and Waqf, and various retail banks. The opening remarks were delivered by Mr. Nawaf Ahmed Bubshait, Director of the Compliance Directorate at CBB, followed by Mr. Salman Al-Ameri, General Registrar at the Ministry of Justice, Islamic Affairs and Waqf. The CBB’s Compliance team followed with a detailed presentation and opened the floor to questions posed by the participants.

    On the occasion, Mr. Nawaf Ahmed Bubshait said: “The CBB remains committed to strengthening its cooperation with the relevant entities and maintaining open channels of communication with public and private sector organizations. We aim to support our licensees as they navigate evolving developments in money laundering, terrorism financing, and proliferation financing. The publication of our guidance paper for legal professionals stems from our proactive approach to ensuring financial institutions are aligned with the relevant international compliance standards.”

    For his part, Mr. Salman Al-Ameri remarked: “Through this joint workshop, the Ministry is pleased to collaborate with the CBB to support the implementation of the new regulatory framework. These guidelines represent a significant milestone towards enhancing oversight and accountability in the banking sector, and we commend the Bank’s efforts in ensuring the implementation of these standards.”

    The CBB continues to issue guidance papers and hosts workshops, seminars, and roundtable discussions on an annual basis to keep licensees informed about ongoing regulatory developments and supervisory expectations.

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    MIL OSI Global Banks –

  • MIL-OSI Economics: Asian Development Blog: Seed Money: How Asia’s Small Farmers Are Quietly Reshaping Big Food

    Source: Asia Development Bank

    Across Asia, small farmers are building stronger, more stable futures through innovative partnerships with agribusinesses, supported by policy shifts and financial tools. These models increase yields, raise incomes, and reinforce food security by aligning rural livelihoods with supply chain sustainability.

    MIL OSI Economics –

  • MIL-Evening Report: State of the states: 6 experts on how the election unfolded across the country

    Source: The Conversation (Au and NZ) – By David Clune, Honorary Associate, Government and International Relations, University of Sydney

    While counting continues nationally, the federal election result is definitive: a pro-Labor landslide and an opposition leader voted out.

    But beyond the headline results, how did Australians in the key seats in each state vote, and how did it shape the outcome?

    Here, six experts break down what happened in New South Wales, Queensland, South Australia, Tasmania, Victoria and Western Australia.

    New South Wales

    Swing to Labor: 3.4%

    David Clune, honorary associate, government and international relations, University of Sydney

    The election results showed, in NSW as with the rest of Australia, a stronger than predicted swing to the government, returning it with a solid majority.

    Not only did Labor hold all its NSW marginals, many with increased margins, but it appears to have gained from the Liberals the seats of Banks and Hughes in suburban Sydney. Labor’s Jerome Laxale has retained Bennelong which was notionally Liberal after the redistribution.

    The Liberals appear likely to lose Bradfield to Teal Nicolette Boele and former National Andrew Gee seems likely to retain Calare in the central west as an independent.

    The three sitting Teals were all easily re-elected and right wing independent Dai Le held Fowler.

    At the time of writing, Labor has won 28 seats in NSW to the Coalition’s 12, a gain of three, with four independents so far and the probability of two more.

    The ALP two-party preferred vote in NSW was 54.8%, a swing towards it of 3.4%.

    Labor’s primary vote was 35.0% to the Coalition’s 31.8%, a swing against the latter of 4.7%.

    Albanese staged a Houdini-like escape from what seemed to be, in 2024, a steady decline in his prospects. Although only an average campaigner in 2022, he ran an almost flawless campaign three years later. The prime minister had a consistent, resonant message about Labor’s record, appealing policies for the future, and projected an image of stability in government.

    Given the bite of the cost of living, particularly in Western Sydney, the government should have been vulnerable. Instead, Albanese transformed this into a strength by persuading voters he was best placed to deal with the crisis.

    Queensland

    Swing to Labor: 3.9%

    Paul Williams, associate professor of politics and journalism, Griffith University

    I long argued Queensland would be inconsequential as to who would win the keys to The Lodge at this election.

    I was partly right. If Labor, as projected, wins 93 of the 150 House of Representatives seats, the six Queensland Labor appears to have seized from the Liberal-National Party (LNP) are but a small fraction of the government’s national haul. Even with no Labor gains in Queensland, Albanese could still have governed with a comfortable majority.

    But I was also partly wrong. The fact there were primary swings of up to five percentage points away from the LNP across Queensland (even in very safe seats like Maranoa), and the fact Labor appears to have captured two seats (Brisbane and Griffith) from the Greens, suggests the state has behaved very differently from expectations and, for the first time in more than a decade, become one of real consequence.

    Labor now looks to hold 13 of the state’s 30 seats, the LNP 15, the Greens one, and Bob Katter returned in Kennedy for the KAP. Few would be surprised that Pauline Hanson’s One Nation (PHON) and Clive Palmer’s Trumpet of Patriots failed to win any House seats, although PHON’s Malcolm Roberts is likely to be returned to the Senate.

    Nor is it unexpected that Dickson, held by the LNP by a tiny 1.7% margin, should have been in play this election. But that fact Dickson was lost by an opposition leader – the first such occurrence at federal level – is astonishing.

    So, too, are the LNP losses in the outer-suburban “battler” seats of Forde and Petrie (held by the LNP since 2010 and 2013 respectively) that embraced former Liberal PM Scott Morrison, even when he was at his nadir.

    The additional reality of an LNP losing such contrasting seats as Leichhardt in far north Queensland and Bonner in middle Brisbane suburbia now points to a deep existential crisis for conservatives even in their Queensland heartland.

    In the Northern Territory, Labor’s Marion Scrymgour has retained the seat of Lingiari and strengthened her position, with a 6.6% swing in her favour.

    So, what happened? How did Queensland, like the rest of Australia, defy electoral gravity? Was it that angry Queenslanders, stinging from a cost-of-living crisis, had already vented their wrath on a state Labor government six months ago? Or did the state finally warm to an Albanese it now concluded was a more competent economic manager? Or did Queensland, like every other state, reject a hard-right Peter Dutton – offering little in meaningful policy amid a ramshackle campaign – as out of touch with a moderate, centrist Australia?

    After defeats at local and state elections in 2024, Labor is back in Queensland.

    South Australia

    Swing to Labor: 5.1%

    Rob Manwaring, associate professor of politics and public policy, Flinders University

    On first glance, South Australia did not seem to be at the centre of the Albanese government’s landslide win. Of the ten electoral seats in the state, only one changed hands – the seat of Sturt which Labor’s Claire Clutterham won from the Liberals’ James Stevens. Yet, this was a massive win for Labor, with a 57–43 two-party preferred vote.

    This is a seismic result and exemplifies all of the Coalition’s electoral problems. Sturt was a classic Liberal blue ribbon seat which the Liberals had held since 1972. The Teal candidate in Sturt, Dr Verity Cooper, might well be disappointed not to have scored a higher primary vote than her 7.2%.

    Elsewhere, Labor handsomely improved its position in the hitherto marginal seat of Boothby. A 8% swing to Louise Miller-Frost saw the Liberals’ Nicolle Flint easily routed.

    To confirm the Liberal misery in the state, the Centre Alliance’s Rebekha Sharkie consolidated her place in Mayo. The scale of Labor’s performance also brought into scrutiny the Liberal regional seat of Grey, where long-standing member Rowan Ramsay retired. The Liberals will retain it despite a swing against them.

    Overall, this is now a solidly Labor state, and the party holds a remarkable seven of the ten seats. Those with long memories, will know seats like Kingston and Adelaide, traditionally bellweather, are now solidly safe Labor seats.

    The Liberals’ loss of Sturt confirms the party now has only two seats in the state, and no representation at all in the major cities around the country. It might well be a long road back for the centre-right.

    Tasmania

    Swing to Labor: 8.1%

    Robert Hortle, deputy director of the Tasmanian Policy Exchange, University of Tasmania

    If the Liberal Party’s ranks were thinned out on the mainland, in Tasmania they have been clear-felled. The state elected four Labor candidates out of five, and notably, all women.

    In Braddon, Labor’s Anne Urquhart overturned the 8.3% margin enjoyed by retiring Liberal MP Gavin Pearce. It looks like the swing to Labor will be around 15%, with Urquhart’s pro-salmon farming and pro-jobs position resonating in the traditionally conservative electorate.

    A swing of around 10% to Labor in Bass was more than enough for first-time candidate Jess Teesdale to defeat Liberal MP Bridget Archer. Labor’s messaging that “a vote for Archer is a vote for Dutton” successfully neutralised Archer’s personal popularity in the electorate and reputation for standing up to her party.

    Lyons was Tasmania’s most marginal seat after the 2022 election. That’s no longer the case, with Rebeca White, former state Labor leader, securing a swing of around 10%. White’s popularity as a state MP transferred smoothly to the federal level – Labor’s primary vote in the seat looks to have jumped by more than 14%.

    So why was the swing to Labor in these Tasmanian seats so much greater than on the mainland? Astute candidate selection played a role – in particular, White and Urquhart were well-known in their communities.

    It is also possible the ongoing travails of the state Liberal government played a part. Northern Tasmanians are strongly opposed to the controversial AFL stadium in Hobart, and the ongoing Spirit of Tasmania ferry fiasco has involved prominent mismanagement of port upgrades in Devonport in the state’s north-west. State politics isn’t usually considered to have a big impact on federal elections, but these issues may have been high profile – and long running – enough to make a difference.

    The southern seat of Franklin was a focal point for a lot of drama during the campaign. In the end, Julie Collins, Tasmania’s only cabinet minister, received a bit of a scare. She slightly increased her primary vote, but the ABC currently projects her overall margin will be cut in half. Anti-salmon farming independent Peter George achieved the second highest primary vote, but wasn’t close enough to Collins for preferences to get him over the line.

    As expected, independent Andrew Wilkie won the Hobart seat of Clark for a sixth time, with a margin of just over 20%. He increased his primary vote, but it looks like Labor will shave a tiny amount off his margin.

    Victoria

    Swing to Labor: 1.8%

    Zareh Ghazarian, senior lecturer in politics, school of social sciences, Monash University

    The Liberal Party’s fortunes in Victoria went from bad in 2022 to much worse in 2025.

    The ALP’s primary vote increased by about 1% while the Liberal Party’s primary vote fell by about 2.5%. While the percentages are smaller than in other states, this performance had a significant affect on the representation of the parties in Victoria.

    The Liberal Party lost Deakin in the eastern suburbs of Melbourne. Held by Michael Sukkar since 2013, the seat has been marginal for several elections. The primary vote swing against the Liberal Party was 4.2%. In a two-party preferred outcome, Deakin now appears to be a relatively safe seat for Labor.

    The Liberal Party primary vote also went backwards in Kooyong which was held by independent Monique Ryan. High profile Liberal candidate Amelia Hamer could not reclaim the seat which had previously been held by then-Treasurer Josh Frydenberg.

    Goldstein, the other inner metropolitan seat won by an independent at the last election, looks to be a closer contest with the Liberal Party’s Tim Wilson experiencing a rise in the primary vote but it may not be enough to defeat incumbent Zoe Daniel.

    Compounding the problems for the Liberal Party was that it could not make any inroads in other key seats across the eastern suburbs in Melbourne. This was where the party needed to win seats if it was to be competitive in forming government. In Aston, the seat the party lost at a byelection in 2023, the Liberal Party’s primary vote fell by 5%. The party’s primary vote also went back in Chisholm and McEwen.

    In short, this was a disastrous result for the Liberal Party in the state of Victoria.

    Western Australia

    Swing to Labor: 1.2%

    Narelle Miragliotta, associate professor in politics, Murdoch University

    WA didn’t disappoint for Labor. Although the two-party swing was more muted than in other parts of the country, it came off the back of a more much stronger electoral position entering this contest. On a two-party preferred basis, Labor gained 56.2% of the vote.

    Labor has retained the nine lower house seats it won in 2022, and it has also managed to make decent, even if not spectacular, gains in the party’s share of the primary vote in Tangney (+4.9%), Hasluck (+5.93), Swan (+3.5%), and Perth (+4.7%).

    One of the unexpected wins for Labor was the former Liberal held seat of Moore. Labor won the seat on the back of +0.9% increase in the party’s primary vote. Assisting Labor’s electoral fortunes was a former Liberal incumbent who ran as an independent, and whose vote accounts for much of the -10.4% swing against the Liberal candidate.

    But it wasn’t all good news for Labor, going backwards on primary votes in Fremantle (-4.48%) Brand (-5.96%) and Pearce (-0.01%).

    The Liberals’ performance affirms just how much trouble the party in the West. The Liberals recorded a swing of -5.66% in their primary vote, winning only 28.5% of the first preference vote.

    In addition to the loss of Moore, the party failed to win back the once-prized seat of Curtin, despite a heavy investment of resources into the contest. The Liberals also have a fight to retain the seat of Forrest, where is registered a -13.4% swing in its primary vote. The Liberals are, however, expected to win it.

    There were very few bright spots for the Liberals. The Liberals did achieve an increase in their two-party preferred vote in O’Connor (+6.3%) and Canning (+3.8%). And at last check, the Liberals are still in the hunt for the new seat of Bullwinkel.

    In the senate, the swing against the Liberals on primary votes was even more pronounced (-7.36%) although the party are on track to elect two senators. The Greens senate primary vote held up, enjoying a very slight increase (+0.74%) and comfortably returning a senator. Although recording a -0.04% swing, Labor has two senators confirmed and the possibility of the election of a third.

    Paul Williams is a research associate with the T.J. Ryan Foundation.

    David Clune, Narelle Miragliotta, Rob Manwaring, Robert Hortle, and Zareh Ghazarian do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. State of the states: 6 experts on how the election unfolded across the country – https://theconversation.com/state-of-the-states-6-experts-on-how-the-election-unfolded-across-the-country-255508

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Too many journalists remain silent over the Gaza genocide, a threat to our media credibility

    Report by Dr David Robie – Café Pacific. –

    By David Robie on World Press Freedom Day 2025

    I ask you now: Do not stop speaking about Gaza.

    Do not let the world look away.

    Keep fighting, keep telling our stories – until Palestine is free.

    These are not my words, although I believe and support them absolutely. They are the words of Palestinian journalist Hossam Shabat in his final message left behind when he was killed by an Israeli air strike on March 24.

    His message is a poignant one today, especially today which is May 3 — World Press Freedom Day.

    It is a message that I have been carrying in my heart since even earlier, since the assassination of another Palestinian journalist, the famous Shireen Abu Akleh, who was murdered by Israeli sharpshooters six days after Media Freedom Day in 2022 while reporting in Jenin refugee camp in the West Bank.

    It was her blatant killing in plain view on live video with impunity that signalled how the rogue state Israel was flaunting all international laws and accountability with contempt. And it was a hint of how it would it conduct itself in this disaster.

    According to the United Nations Human Rights Office in the Occupied Palestinian Territory (OHCHR), since October 2023, Israeli occupation forces have killed 211 Palestinian journalists, including 28 women reporters reporting on Gaza. At least 47 journalists have been killed while on duty, and at least 49 media people are languishing in Israeli detention or hidden in prisons, mostly without charge.

    Why? To silence the journalists.

    To silence their storytelling, as Hossam Shabat indicated in his final message.

    And for more than 18 months Israel has refused access to Gaza by international journalists.

    Why? To kill the truth. To stop the world’s media from exposing the Israeli lies and their controlled narrative.

    But it hasn’t worked. The Zionists are losing control of the narrative — and they know it. As Amnesty International called it this week, the mass atrocity is a “livestreamed genocide” thanks due to the courage and dedication of the Gazan reporters and citizen journalists.

    A year ago — on this very day — the Gazan journalists were honoured with the UNESCO Guillermo Cano Prize in Santiago, Chile, in recognition of their “unique suffering and fearless reporting”.

    The protest march to Television New Zealand headquarters. Image: Asia Pacific Report

    Who would have thought this grotesque war, this obscene war would still be causing such terrible suffering more than year later?

    And we can’t even really call it a war at all because it is continuous massacres carried out by one of the most advanced and powerful military machines in the world, supplied and aided by the United States, on one side, with a relatively tiny resistance force armed with small arms on the other.

    Gaza is a “killing field – and civilians are in an endless death loop”, as the UN Secretary General, António Guterres, said the other day. Horrendous!

    And since the Cano award for the Gazan journalists, a further 111 media workers have been killed by Israel.

    Gazan journalist Hossam Shabat’s final message . . . he was killed by the Israeli military last month. Image: APR screenshot

    In the latest survey by Reporters Without Borders 2025 World Press Freedom Index released yesterday, global zones have been flagged where press freedom is “entirely absent and practising journalism is particularly dangerous”.

    “This is the case in Palestine, where the Israeli army has been annihilating journalism for more than 18 months, killing more than 200 media professionals — including at least 43 murdered while working — and imposing a blackout on the besieged strip.”

    Just a couple of weeks ago, a group of French and international journalists staged a “die-in” in Paris. They lay down on the steps of the Opera-Bastille as a street theatre representation of the unprecedented scale of the killing of journalists.

    It was organised by Reporters Without Borders, and secretary-general Thibaut Bruttin said:

    “The difficulty of making the cause of Palestinian journalists heard is proof that the insidious poison of the Israel armed forces has sometimes even penetrated our own narrative.

    “I have never seen a war in which, when a journalist is killed, you are told that they were really a terrorist.”

    Bruttin also reflected: “I think it must be said that solidarity is a form of strength. It is a source of strength, I hope, for Palestinian journalists to whom we send these images and to whom we express our solidarity through words and action.

    “And I also think that is an appeal to the media profession, and it’s true that this demonstration is happening late, perhaps too late. It must be recognised.

    “In the 10 years that I have been working at Reporters Without Borders, this is the first time that I have been asked if the journalist was really a journalist when they were killed. This had never happened. Never.

    “And I think we must salute all those who have been marching and all those professionals who have come and who say: ‘Yes, we must continue to report what is happening but we must also protest and do more. Journalists are being targeted. And they are also being defamed after their deaths.’”

    In January 2024, I wrote an article for Declassified Australia headlined: “Silencing the messenger: Israel kills journalists, while the West merely censors them.”

    I declared then that reporting Israel’s war on Gaza had become the greatest credibility challenge for journalists and media of our times.

    Dr David Robie and Del Abcede speaking at Auckland’s “Palestine Corner” rally on World Press Freedom Day. Image: Bruce King

    “Covering the conflict has opened divisions among media groups about fairness and balance that have become the most bitter since the climate change and covid pandemic debates when media ‘deniers’ and ‘bothsideism’ threatened to undermine the science.”

    It shocks me that so many journalists have remained silent. They should also be on the streets like us and reporting the truth. To me, the deafening silence is a betrayal of the 50 years of truth to power journalism that I have grown up with.

    Silence is complicity.

    Finally, I would like to quote from PSNA’s co-chair John Minto in the letter that we are taking today to Television New Zealand appealing for an independent review of 1News reporting on Palestine/Israel.

    Minto says: “Over the past 18 months of industrial scale killing of Palestinians by the Israeli military in Gaza we have been regularly appalled at the blatantly-biased reporting on the Middle East by Television New Zealand.

    “TVNZ’s reporting has been relentlessly and virulently pro-Israel . . .

    “The damage to human rights, justice and freedom in the Middle East by Western media such as TVNZ is incalculable.”

    I endorse and support these comments and call a halt to Israel deliberately targeting of Palestinian journalists. Let the truth be told, as Hossam told us, over and over again and prevent this blatant Western attempt to “normalise” genocide.

    Dr David Robie is editor of Asia Pacific Report and convenor of Pacific Media Watch. He gave this address at the World Press Freedom Day rally in “Palestine Corner” in Tāmaki Makaurau Auckland’s Te Komititanga Square on 3 May 2025.

    The Television New Zealand protest on World Press Freedom Day – “Remembering the journalists killed by Israel”. Image: APR

    This article was first published on Café Pacific.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Advocacy – World Press Freedom Day 2025: Standing with the Palestinian Press

    Source: Palestine Forum of New Zealand

    On this World Press Freedom Day, we pause to honour journalists and media workers across the globe who risk their safety to report truth and amplify the voices of the oppressed. Nowhere is this commitment more courageous, or more perilous, than in occupied Palestine.

    For decades, Palestinian journalists have operated under constant threat — targeted, detained, censored, and even killed for doing their jobs. In Gaza, the West Bank, and Jerusalem, Palestinian reporters document human rights violations, military assaults, home demolitions, and the daily realities of life under occupation, often at great personal risk.

    In the latest war on Gaza, media offices have been bombed, journalists and their families deliberately targeted, and communication blackouts imposed to silence Palestinian narratives. As of May 2025, over 140 journalists have been killed in Gaza alone since October 2023, marking one of the deadliest periods for media professionals in recent history. Many others face arbitrary arrest, harassment at checkpoints, equipment confiscation, and restrictions on movement.

    Despite these dangers, Palestinian journalists persist — their cameras, pens, and microphones bearing witness to what much of the world might otherwise never see. From the frontline photographers in Gaza to the independent media outlets in the diaspora, their work ensures that Palestinian stories remain in public view.

    On this day, we also remember iconic voices like Shireen Abu Akleh, the veteran Al Jazeera journalist killed by Israeli forces in May 2022 while reporting in Jenin. Her legacy is carried by the next generation of Palestinian journalists, who continue to speak truth to power in her name.

    Freedom of the press is a cornerstone of justice. In Palestine, this freedom is under siege. And yet, the resilience of Palestinian media workers is a testament to the enduring power of truth.

     Today, we say:
    We see you. We hear you. We stand with you.

    We demand protection for journalists in Palestine.

    We affirm the right of Palestinians to tell their own story.

    Press freedom is not a privilege — it is a right. And in Palestine, that right remains worth fighting for.

    Maher Nazzal
    Palestine Forum of New Zealand

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: GAZA – Attack on life-saving aid boat proves the reach of Israel’s out-of-control genocide through starvation is now global

    Source: Palestine Solidarity Network Aotearoa

     

    Israel’s drone attack on the Freedom Flotilla boat ‘Conscience’ shows Israel’s genocide strategy has now gone global, according to PSNA.

     

    The Palestine Solidarity Network Aotearoa says the attack in international waters is a thoroughly predictable war crime, committed by an out-of-control Israel, intent on violence anywhere to uphold its starvation strategy for Gaza.

     

    The ‘Conscience’ was loaded with life-saving humanitarian aid for Gaza and was attacked and disabled off the coast of Malta.

     

    “It’s another war crime to add to Israel’s blood-soaked reputation” says PSNA Co-National Chair John Minto. “This is a cowardly attack on the best of humanity trying to get aid to more than two million desperate and starving people.”

     

    “Israel has blocked all aid for more than two months in an attempt to starve them to death.”

    “This brazen attack in international waters shows how emboldened Israel has become by the silence of Western governments such as New Zealand.”

     

    Minto is pointing to the UN Panel of Inquiry in 2011 on a similar Israeli attack on the Turkish aid vessel the Mavi Marmara the year before.  It was chaired by former New Zealand Prime Minster Sir Geoffrey Palmer.

     

    Palmer found that Israel used ‘excessive and unreasonable force’ in boarding the vessel and killing ten people on board.

     

    “But Palmer also said that Israel had conducted a ‘legitimate security measure’.  I wonder how Geoffrey Palmer feels about legitimising that action now,” Minto says.

     

    “Palestinian Solidarity Network Aotearoa is calling on the New Zealand government to condemn the aggression on what is an unarmed, civilian vessel in international waters.”

     

    “When Ansar Allah (Houthis) in Yemen did this to Israeli vessels to try to stop the genocide in Gaza, New Zealand involved itself by sending military support to western countries to bomb Yemen.”

     

    “We are not calling on the government to send military support for the bombing of Israel. However, if New Zealand really believes in the freedom of passage of unarmed vessels in international waters, it must condemn Israeli outright for this cowardly attack on the ‘Conscience’.”

     

     Minto says to maintain any credibility the government is also overdue and obligated to end its months long silence over other Israeli actions.

     

    “Top of the list is Israel’s war crime use of starvation in Gaza as a weapon of war.  But the government must also condemn the Israeli army ethnic cleansing and assisting settler attacks in Occupied East Jerusalem and the West Bank.”

     

    “Israel is building new illegal settlements there at an unprecedented rate.”

     

    “Israel has also just conducted unprovoked major military assaults on Syria. Our Foreign Minister must surely know about these things, and we are at a loss to know why he says and does nothing.” 

     

    John Minto

    Co-National Chair

    Palestine Solidarity Network Aotearoa

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Inauguration of Cabo Verde’s Technology Park in Praia and Mindelo

    Source: African Development Bank Group

    What:     Event inaugurating Cabo Verde’s Tech Park

    Who:      The government of Cabo Verde and the African Development Bank. 

    When:    Monday, May 5, 2025 (Praia) and Tuesday, May 6, 2025 (Mindelo)

    Where:   TechPark CV Main Campus in Praia, Santiago and TechPark CV Mindelo Campus, Sao Vicente 

    The government of Cabo Verde and the African Development Bank will host a high-level event to inaugurate TechPark Cabo Verde, a tech hub established in 2023 that has quickly developed into a thriving technology hub.  

     The event is expected to bring together representatives of the government of Cabo Verde and other African countries, as well as from the United States, the European Union, and Brazil. President Akinwumi Adesina will lead an African Development Bank Group Delegation to the inauguration, which is also expected to attract innovators, entrepreneurs, investors, and academics.  

    The three-day program will highlight the future of Africa’s digital economy and Cabo Verde as a pioneer and example to other African countries. It will also highlight how targeted investment in technology infrastructure can drive economic diversification and create opportunities for young talent. 

    It will feature keynote speeches, panel discussions on digital transformation, workshops on emerging technologies, a startup pitch competition, and a cultural evening, hosted across TechPark CV’s auditoriums, conference rooms, and exhibition spaces.  

    TechPark CV has been designed to accelerate Cabo Verde’s economic diversification and digital inclusion by providing modern facilities, training programs, and a dynamic ecosystem for technology-driven enterprises. The event will solidify Cabo Verde’s position as a pivotal innovation hub in the Atlantic region. 

    Under Cabo Verde’s Sustainable Development Plan, the project has been supported by strategic investments from the African Development Bank through a two-phase loan program. 

    MIL OSI Economics –

  • MIL-Evening Report: Albanese increases majority and Dutton loses seat in stunning election landslide

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    The Albanese government has been re-elected with a substantially increased majority, and Opposition Leader Peter Dutton has lost his seat, in a crushing defeat of the Coalition.

    As of late Saturday night, there was a two-party swing to Labor of about 3.4%, with two-party vote of 55.5%-44.5%

    It was sitting on about 86 seats (up from 78), and in the hunt for more. The Coalition, which went into the election with 57 seats, has won 41, and may pick up one or two more.

    The Labor primary vote was 34.7%, up 2.1%; the Coalition primary vote was 31.1%, down 4.6%.

    Among the Liberal losses is frontbencher Michael Sukkar in his Victorian seat of Deakin. Shadow foreign minister David Coleman is likely to lose his Sydney seat of Banks. Outspoken Liberal backbencher Bridget Archer has lost her Tasmanian seat of Bass.

    It was all over by 8.30PM, as it became increasingly clear a big swing to Labor was underway.

    A trumphant and emotional Anthony Albanese told a jubilant Labor crowd: “Australians have chosen a majority Labor government”.

    “Today the Australian people have voted for Australian values. For fairness, aspiration and opportunity for all. For the strength to show courage in adversity and kindness to those in need.

    “And Australians have voted for a future that holds true to these values, a future built on everything that brings us together as Australians and everything that sets our nation apart from the world.

    “Australians have chosen to face global challenges the Australian way, looking after each other while building for the future.

    “I make this solemn pledge. We will not forget that we will never take it for granted, repaying your trust will drive a government each and every day of the next three years.”

    Albanese, who has used a Medicare card as a prop through the campaign, produced it once again. “We will be a government that helps every Australian who relies on Medicare.”

    According to the ABC, seats changing hands from the Liberals to Labor are Banks and Hughes in NSW; Forde, Bonner, Dickson, Petrie, Leichhardt in Queensland; Deakin in Victoria; Braddon and Bass in Tasmania; Sturt in South Australia, and Moore in Western Australia.

    It was a bad night for the Greens. They are likely to lose two of their three Queensland seats, Griffith, held by high profile MP Max Chandler-Mather, and Brisbane held by Stephen Bates.

    The Greens’ expected losses occurred despite roughly holding its primary vote, which is 12.5%, up 0.2%. Their leader Adam Bandt is in trouble in his seat of Melbourne.

    Dutton said in his concession speech he had called Albanese and congratulated him. “I said to the prime minister that his mum would be incredibly proud of his achievement tonight, and he should be very proud of what he’s achieved.”

    Dutton said he had also spoken to Ali France, the Labor candidate who has beaten him in Dickson. “She lost her son Henry, which is a tragic circumstance that no parent should ever go through. And equally I said to Ali that her son Henry would be incredibly proud of her tonight and that she’ll do a good Local member for Dixon.”

    He expressed his sorrow for the Liberal MPs and candidates who had lost.

    All the teals have held their seats. The teal candidate in Bradfield, Nicolette Boele, is ahead of her Liberal opponent. The teal Jessie Price is also ahead in the ACT Labor seat of Bean.

    Queensland LNP Senator James McGrath said it was a brutal night for Peter Dutton and the Coalition. “We have got to make sure we take stock of why we lost this election and have a serious review into those reasons.”

    As the Liberals prepare to review their disastrous loss and choose a new leader, their Senate leader Michaelia Cash is backing fellow West Australian Andrew Hastie. “I think Andrew Hastie is an outstanding member … I’m a very good friend of his. Andrew’s always been seen as leadership material.”

    Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Albanese increases majority and Dutton loses seat in stunning election landslide – https://theconversation.com/albanese-increases-majority-and-dutton-loses-seat-in-stunning-election-landslide-255616

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Palestine protesters march on TVNZ, accuse broadcaster of bias on Gaza

    Asia Pacific Report

    About 1000 pro-Palestinian protesters marked World Press Freedom Day — May 3 — today by marching on the public broadcaster Television New Zealand in Auckland, accusing it of 18 months of “biased coverage” on the genocidal Israeli war against Gaza.

    They delivered a letter to the management board of TVNZ from Palestine Solidarity Network (PSNA) co-chair John Minto declaring: “The damage [done] to human rights, justice and freedom in the Middle East by Western media such as TVNZ is incalculable.”

    The protesters marched on the television headquarters near Sky Tower about 4pm after an hour-long rally in the heart of the city at a precinct dubbed “Palestine Square” in the Britomart transport hub’s Te Komititanga Square.

    Several opposition politicians spoke at the rally, calling for a ceasefire in the brutal war on Gaza that has killed more than 62,000 Palestinians with no sign of a let-up.

    Labour Party’s disarmament and arms control spokesperson Phil Twyford was among the speakers that included Green Party co-leader Marama Davidson and Ricardo Menéndez March.

    All three spoke strongly in support of Greens co-leader Chlöe Swarbrick’s Member’s Bill to sanction Israel for its unlawful presence in the Occupied Palestinian Territory.

    Davidson said the opposition parties were united behind the bill and all they needed were six MPs in the coalition government to “follow their conscience” to support it.

    Appeals for pressure
    They appealed to the protesters to put pressure on their local MPs to support the humanitarian initiative.

    Protesters outside the Television New Zealand headquarters in Auckland today. Image: Asia Pacific Report

    In The Hague this week, the International Court of Justice (ICJ) heard evidence from more than 40 countries and global organisations condemning Israel over its actions in deliberately starving the more than 2 million Palestinians by blockading the besieged enclave for more than the past two months.

    Only the United States and Hungary spoke in support of Israel.

    A senior diplomat from Qatar, a leading mediator country in the war, told the ICJ that Israel was conducting a “genocidal war against the Palestinian people” and weaponising humanitarian aid.

    Mutlaq al-Qahtani, Qatari Ambassador to The Netherlands, also said there were “new trails of tears in the West Bank mirroring Gaza’s fate”.


    Israel executing ‘genocidal war’ against Gaza, Qatar tells ICJ.    Video: Al Jazeera

    Among the speakers in the Auckland rally, one of about 30 similar protests for Palestine across New Zealand this weekend, was coordinator Roger Fowler of the Auckland-based Kia Ora Gaza humanitarian aid organisation, who denounced the overnight drone attack on the Gaza-bound Freedom Flotilla aid ship Conscience in international waters after leaving Malta.

    The ship was crippled by the suspected Israel attack, endangering the lives of some 30 human rights activists on board. Fowler said: “That’s 2000 km away from Israel, that’s how desperate they are now to stop the Freedom Flotilla.”

    A protester placard declaring “TVNZ, you’re biased reporting is shameful. Where is your integrity?” Image: Asia Pacific Report

    He reminded protesters that Marama Davidson and retired trade unionist Mike Treen had been on previous aid protest voyages in past years trying to break the Israeli blockade, but there was no New Zealander on board in the current mission.

    Media ‘credibility challenge’
    Journalist and Pacific Media Watch convenor Dr David Robie spoke about World Media Freedom Day. He paid a tribute to the sacrifices of 211 Palestinian journalists killed by Israel — many of them targeted — saying Israel’s war on Gaza had become the “greatest credibility challenge for journalists and media of our times”.

    Many protesters carried placards declaring slogans such as “TVNZ your biased reporting is shameful. Where is your integrity?”, “Journalists are not targets” and “Caring for the children of Palestine is what it’s about.”

    After marching about 1km between Te Komititanga Square and the TVNZ headquarters, the protesters gathered outside the entrance chanting for fairness and balance in the reporting.

    “TVNZ lies. For the past 18 months they have been nothing but complicit,” said one Palestinian speaker to a chorus of: “Shame!”

    He said: “Every time TVNZ lies, a little boy in Gaza dies.”

    Another Palestinian speaker, Nadine, said: “Every time the media lies, a little girl in Gaza dies.”

    The Palestine Solidarity Network Aotearoa (PSNA) letter to Television New Zealand’s board. Image: Asia Pacific Report

    Deputation delivers TVNZ letter
    A deputation from the protesters delivered the letter from PSNA’s John Minto addressed to the TVNZ board chair Alastair Carruthers but found the main foyer main entrance closed so the message was left.

    Minto’s two-page letter calling for an independent review of TVNZ’s reporting on Palestine and Israel said in part:

    “Over the past 18 months of industrial scale killing of Palestinians by the Israeli military in Gaza we have been regularly appalled at the blatantly-biased reporting on the Middle East by Television New Zealand.

    “TVNZ’s reporting has been relentlessly and virulently pro-Israel. TVNZ has centred Israeli narratives, Israeli explanations, Israeli justifications and Israeli propaganda points on a daily basis while Palestinian viewpoints are all but absent.

    “When they are presented they are given rudimentary coverage at best. More often than not Palestinians are presented as the incoherent victims of Israeli brutality rather than as an occupied people fighting for liberation in a situation described by the International Court of Justice as a “plausible genocide”.

    “This pattern of systemic bias and unbalanced reporting is not revealed by TVNZ’s complaints system which focuses on individual stories rather than ingrained patterns of pro-Israel bias.

    “Every complaint we have made to TVNZ has, with one minor exception, been rejected by your corporation with the typical refrain that it’s not possible to cover every aspect of an issue in a single story but that over time the balance is made up.

    “Our issue is that the bias continues throughout TVNZ’s reporting on a story-by-story, day-by-day basis — the balance is never achieved. The reporting goes ahead just the way the pro-Israel lobby is happy with.”

    The rest of the letter detailed many examples of the alleged systematic bias, such as failing to describe Gaza, West Bank and East Jerusalem and as “Occupied” territory as they are designated under international law, and failing to state the illegality of Israel’s military occupation.

    Minto concluded by stating: “It is prolonging Israel’s illegal occupation, its apartheid policies, its ethnic cleansing and theft of Palestinian land. TVNZ is part of the problem – a key part of the problem.”

    The letter called for an independent investigation.

    Palestinian protesters at TVNZ headquarters while demonstrating against the public broadcaster’s coverage of the Israeli war against Gaza on World Press Freedom Day. Image: Asia Pacific Report

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Albanese’s government might not thrill, but it has shown unity and competence – and that’s no mean feat

    Source: The Conversation (Au and NZ) – By Frank Bongiorno, Professor of History, ANU College of Arts and Social Sciences, Australian National University

    The Coalition’s election campaign of 2025 has a strong claim to be considered among the worst since federation. I know of none more shambolic. Barely a day passed without some new misstep or about-face, some embarrassing revelation about a candidate, some new policy condemned by experts as half-baked, uncosted or worse. Three years of waiting for Labor and Anthony Albanese to fall over instead of doing serious policy work came home to roost, and the chicken concerned was very ugly.

    The campaign more generally was nothing to write home about. From the preoccupations of the major players, if you didn’t already know, you’d hardly have guessed that the wider world was in the midst of its greatest convulsions since the second world war, as the United States retreated from its longstanding global role into protectionism and isolationism, abandoning and bullying old friends and allies, helping rivals and enemies, upending international trade, and dismantling democracy and the rule of law.

    The government assured voters it had everything in hand, adopting a small-target re-election strategy, to pair with its similar 2022 approach. Albanese invariably looked solid and prime ministerial. There was no fumbling the figures on the level of unemployment or the Reserve Bank cash rate this time.

    Like the Coalition, Labor threw itself enthusiastically into a spendathon. It did not take major policy reform into the campaign. We live in the shadow of the two elections that saw parties with policy ambition suffer humiliating defeat: the Coalition in 1993 and Labor in 2019. That made the Coalition’s policy of building nuclear power plants foolhardy rather than brave.

    Trump’s shadow followed Peter Dutton everywhere, making a small-target strategy unviable for the Coalition. On Trump, Dutton sometimes sounded a bit like Saint Peter thrice denying he knew Jesus Christ, but he reverted to type as the campaign wore on by playing up favoured culture war topics of the moment, such as winding back Indigenous Welcomes to Country.

    But the Liberals’ biggest mistake – the one on which all others would be built – occurred three years ago, on May 30 2022.

    Dutton, unopposed as the Liberal Party’s new leader, told his first press conference that his policies would be aimed at the “forgotten people” of the suburbs. It was a pitch so hackneyed as to be barely worth attention. But it was also a strange thing to say given the reality of the situation his party then faced – and still faces today.

    Hackneyed, because Dutton’s promise recalled the Liberal Party’s talismanic foundational document, Robert Menzies’ “The Forgotten People”, broadcast 80 years before to the very month. But strange because the Coalition had been in office for nine years. If there were indeed “forgotten people” in the nation’s suburbs, the Coalition had surely enjoyed ample opportunity to remember them.

    It was strange for another reason, too: the Liberal Party had just been devastated by the loss of its traditional urban heartland, Menzies’ old seat of Kooyong among the casualties. The residents of these electorates – most of them not far from city centres – may well have felt “forgotten”, but not in the sense Dutton imagined. They felt their values and interests were not reflected in the modern Liberal Party.

    It is worth revisiting what Dutton said on that occasion, because it seems to have guided his whole pitch as opposition leader ever since:

    I’m not giving up on any seat, but I do want to send a very clear message to those in the suburbs, particularly those in seats where there has been a swing against the Labor Party on their primary vote, in many parts of the country.

    The emphasis here was not really on winning back teal seats. They received just a grudging nod of acknowledgement. For Dutton, it was all about going out into the suburbs and winning seats held by Labor. And true to form, teal seats received very little of his campaign attention during the 2025 campaign.

    This was a foolish strategy of avoidance for which Dutton and the Liberal Party have now paid a heavy price. The Coalition’s journey took it into support for nuclear power, blaming housing shortages on immigration, and opposing a First Nations Voice to Parliament – the latter an issue the Coalition even desperately sought to revive against Labor during the campaign.

    The Voice referendum nurtured the illusion that the six in ten “no” voters were ripe for Coalition picking. Wiser heads might have noticed Labor continued to rule for eight years after the Hawke government was humiliated at a 1988 referendum, and Menzies was prime minister for 15 years following his Communist Party referendum defeat.

    Wiser heads might also have noticed that the Coalition’s only path back to power demanded it address its losses in the more affluent metropolitan seats won by Independents, Labor and the Greens. Short of huge and unlikely advances in the outer suburbs and regional cities and towns, the Liberals need to win metropolitan seats with high proportions of well-off, well-educated, socially progressive and younger voters to be competitive for majority government.

    Still, that was a hard ask in three years. It nonetheless left a chance of minority Coalition government, which many pundits believed a distinct possibility for much of 2024 and early 2025.

    But where were the Coalition’s votes on the floor of the House going to come from, if not from teal and teal-like independents? The Greens? Hardly. It would have made a great deal of sense to pitch policies that might help to win over community independents and their supporters.

    Instead, the Coalition alienated them, such as by joining with Labor to produce an ineffectual National Anti-Corruption Commission and new electoral finance laws opposed by the teals.

    The Liberals and Nationals made little effort to attract women voters – indeed, policies such as opposing working from home alienated them – and they wandered off on their nuclear frolic. Dutton flirted with Trumpish policies on reducing immigration and public service cuts, before retreating on the latter but in such a confused manner as to leave voters without a clue what his intentions actually were.



    Read more:
    When ‘equal’ does not mean ‘the same’: Liberals still do not understand their women problem

    And as the Liberals’ election campaign unravelled, its friends in the right-wing media continued to campaign relentlessly against the teals. There was no method to this madness, unless it was shoring up the Coalition against possible depredations on its dwindling voting base from parties further to the right.

    It is not that Labor was invincible. Its majority was the narrowest of any first-term government since 1913. It was under pressure in normally friendly Victoria. It lost momentum through the Voice referendum. Interest rates intensified mortgage stress. People complained they could afford a visit to neither the supermarket nor the doctor’s surgery. There was growing unease about immigration levels, and continuing frustration at the lack of housing.

    The contest for government, however, is still largely a two-horse race and each of the major party leaders is the main bearer of their side’s colours. Dutton and the Liberals failed to do the hard yakka on policy, ideology, image or strategy.

    Dutton himself continued to worry many voters as a risky proposition or worse. The few weeks of the election campaign itself seemed more consequential than most in living memory because it so amply demonstrated his lack of fitness for prime ministerial leadership.

    For Labor, the Rudd and Gillard years remain the central reference in modern political history, formative of their understanding of what not to do in government if you want to be treated respectfully by voters.

    In contrast, in the past three years, Labor established an image of unity and competence. We should not underestimate this achievement. It amounted to a significant rebuilding of the Labor brand.

    “You campaign in poetry, you govern in prose,” New York governor Mario Cuomo was fond of saying. Labor has defied him: it campaigns and governs in prose.

    But perhaps that’s what those fabled punters want: not a Trump-inspired disruptor, nor a radical visionary, but the kind of bloke you’d trust with your tax return.

    The times ahead will call for more.

    Frank Bongiorno does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Albanese’s government might not thrill, but it has shown unity and competence – and that’s no mean feat – https://theconversation.com/albaneses-government-might-not-thrill-but-it-has-shown-unity-and-competence-and-thats-no-mean-feat-254570

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Best Online Casinos Canada: Expert Picks 7Bit as the Top Casino for Canadian Players

    Source: GlobeNewswire (MIL-OSI)

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    Disadvantage Description
    Restricted Countries Some countries are restricted, but use VPN instead
    Limited Language Options Available only in English, German, French, and Russian.


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    Final Takeaway: 7Bit Best Online Casinos in Canada

    7Bit Casino is a premier destination for Canadian players, earning its place among the best online casinos in Canada. Its extensive game library, generous bonuses, fast payouts, and commitment to security make it a top choice for both casual and serious gamblers.

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    Frequently Asked Questions About The Best Online Casinos Canada

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    7Bit Casino is widely regarded as one of the best online casinos Canada offers due to its extensive library of over 7,000 games and attractive bonuses up to C$10,800. Its support for cryptocurrencies and traditional payments enhances its appeal to Canadian players.

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    Customer Support

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    Email: support@7bit.com

    Disclaimer and Affiliate Disclosure

    Disclaimer: Gambling online comes with financial risks. Make sure you meet the legal age requirement (19+) in your region and follow local laws. Always engage in responsible gambling and check 7Bit’s official site for the latest terms, as promotions and payment methods may be updated.

    General Disclaimer
    This article is for informational and entertainment purposes only, not legal or financial advice. Content is based on research and user reviews as of writing. No warranties are made, and users must verify information before acting.

    Casino and Gambling Disclaimer
    Online gambling carries risks and isn’t for everyone. Confirm you’re of legal gambling age in your jurisdiction. Gambling laws vary, and compliance is your responsibility. We don’t promote gambling; participation is at your risk. 7Bit Casino is a third-party platform, and we’re not liable for losses or disputes.

    Affiliate Disclosure
    This article may include affiliate links, earning us a commission at no cost to you for qualifying actions. These support our content. Our reviews are unbiased, and we recommend only valuable products.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5d1aa3ae-f1d7-42ef-b49f-cdeb1a780895

    The MIL Network –

  • MIL-OSI Europe: Luis de Guindos: Interview with Die Presse

    Source: European Central Bank

    Interview with Luis de Guindos, Vice-President of the ECB, conducted by Jakob Zirm on 28 April 2025

    3 May 2025

    Die Presse: Since June 2024 the ECB has already cut interest rates seven times. How long will this period of interest rate cuts last?

    Luis de Guindos: This will depend on how inflation develops. But we can be optimistic because our latest forecasts show that, from the end of this year, inflation will be very close to our target of 2%. Moreover, inflation continues to fall thanks to three additional factors. First, the euro has appreciated. Second, energy and commodity prices are declining. And third, the current economic uncertainty about tariffs could lead to greater wage moderation than that already suggested by the latest survey results. All these elements contribute to bringing inflation further down. And this is the decisive factor in whether we continue to lower interest rates.

    Where would you place the neutral interest rate, i.e. the rate which neither stimulates nor restricts economic growth? Is this a target for the ECB?

    The discussion about the neutral rate is very interesting from an academic standpoint. However, it is not very helpful for monetary policy decision-making because the neutral rate cannot be directly observed. Our decisions are based on how inflation develops, our projections and how our monetary policy is transmitted to the real economy. And, as I said, we are optimistic that we will sustainably achieve our inflation target.

    The US Federal Reserve is lowering interest rates much more slowly than the ECB. Is the large interest rate differential between the United States and the euro area a problem?

    The situation in the United States and Europe is different. You should look not only at nominal interest rates, but also at real interest rates. In the United States, inflation and inflation expectations are higher than in Europe, due to a different economic outlook. So the interest rate differential is smaller in real terms. In addition, inflation is more persistent in the United States.

    We have policy space to pursue our own monetary policy, but of course we are monitoring what is happening in the United States.

    In 2022 the euro depreciated massively after the Federal Reserve hiked interest rates half a year sooner. Is there a similar risk again now?

    Not necessarily at the moment. Despite all the uncertainties and contrary to expectations, the euro appreciated after the tariff announcements. Exchange rate developments depend on many factors. We do not have any exchange rate objective, but we monitor the exchange rate closely because it is an important macroeconomic variable in our assessment of the risks for price stability.

    It is important to moderate exchange rate volatility.

    But if the trend reverses and the dollar becomes significantly stronger again, could this fuel inflation in the euro area again?

    We are closely monitoring exchange rate developments. But there are currently no signs of a weakening of the euro. Much will depend on how the current dispute over tariffs develops.

    The average inflation rate in the euro area is currently 2.2%. However, some eastern European countries still have inflation rates of 3% or 4%. Is inflation really under control everywhere in the euro area?

    Differences in inflation developments between countries are normal, it’s the average that is crucial. Our projections show that both headline and core inflation are on track to reach our 2% target. We are paying particular attention to monitoring services inflation, which is strongly influenced by wages. Here, too, we are seeing signs of a slowdown in wage dynamics.

    Let’s talk about growth. In March the ECB predicted GDP growth of 0.9% for the euro area in 2025. Is this still realistic given the tariff debate?

    You are right – this forecast was made before the announcement of US tariffs. Uncertainty we’ve seen since then has weighed on economic activity and is likely to delay investment and consumption. Uncertainty is always bad for the economy. We already pointed to such downside risks in our March projections. The risks are now materialising.

    In Austria, we are in recession for the third year in a row now. Could the entire euro area slide into a recession?

    No, our baseline continues to expect very low but positive growth. It’s well below potential growth, but I don’t think that the euro area is heading into a recession.

    US tariffs are currently suspended. How bad would the damage be if the trade war were to escalate?

    An all-out trade war would have a very serious impact on growth. I really hope it doesn’t come to that. It is also important to take the diversion effects that can occur in trade flows into account, making the consequences difficult to predict.

    US President Donald Trump recently launched a mass attack on the Federal Reserve and its Chair Jerome Powell. What are the consequences of such an attempt to exert political pressure on the work of central banks?

    The independence of central banks is crucial. It is key to their credibility and thus to combating inflation. Even when inflation was extremely high two years ago, inflation expectations in Europe remained anchored because the central bank was considered independent and credible. This credibility is essential to keep inflation expectations under control and, in particular, to avoid wage-price spirals.

    There has been a discussion on whether the euro’s role as a reserve currency could be strengthened if confidence in the US dollar declines. Do you see that as possible?

    The dollar is clearly leading as a reserve currency. The international importance of the euro is a lot less in comparison. Its future development depends on us, however. If Europe builds stronger capital markets and establishes itself as a true single market, the role of the euro at international level could be strengthened. Closer integration and a more pro-European approach are crucial.

    What would be needed to create a true European capital markets union?

    Three central pillars would be needed. First, we need a true single market – barriers and national legislation that impede further integration must be removed. Second, we need to complete the banking union. We already have single supervision and resolution, but we still lack a common deposit guarantee scheme. Third, we need to further develop the capital markets union itself. These three elements are interconnected – progress in one area is difficult without progress in the other two.

    Many support the capital markets union but little progress has been made. Who is blocking it?

    The problem is that without a true single market for goods and services, the capital markets union is also difficult to implement. The banking union is more advanced but there is still a lot to be done. Capital flows follow the real economy, which is why we need integrated goods and services markets.

    In this situation, does it help if national governments block cross-border bank mergers – as is currently the case in Germany, where UniCredit wishes to buy Commerzbank?

    I will not comment on any specific mergers. But in general, we support cross-border mergers because they are necessary to create truly European banks and complete the banking union.

    Is there too much nationalism in the European financial system?

    Sometimes there is too much national focus. But there is a growing awareness that Europe needs to become more independent. And the only way to remain relevant on the world stage is to be more European and a little less nationally focused.

    The European Commission is now also pushing ahead with the simplification of European regulation. This also applies to the financial market of course. Where should economic activity be made easier for businesses?

    The ECB has set up its own high-level task force, which I coordinate. It’s meant to draw up proposals by the end of the year, which will be passed on to the legislator. This may involve, for example, the implementation of Basel III or reporting, which could be streamlined, or the simplification of bank capital structure, to make it clearer and more understandable for investors. However, simplification does not mean de-regulation, it should not jeopardise banks’ solvency.

    When inflation was high, many euro area countries steeply increased their debt and the ECB bought many government bonds, which amounted to some 30% of the outstanding volume in the case of some countries. Is that a problem?

    Those measures were necessary in the context of the pandemic. But now we need to increase defence spending and preserve fiscal sustainability at the same time in order to avoid rising market interest rates and thus lower private investment. That won’t be easy.

    The Austrian central bank has reported annual losses of more than €2 billion in the past two years. This was due to the purchase of low-yield government bonds. Is that the hidden price of expansionary monetary policy?

    Our monetary policy is not determined by the profit and loss accounts of the central banks. Looking back, central banks have made significant gains over the past ten years. The current loss is a consequence of the high liquidity in the market, on which central banks have to pay higher interest rates. However, this liquidity is currently being reduced at a fast pace. The situation will improve in the future.

    Are the high debt levels of euro area countries jeopardising future growth?

    When markets have doubts about debt sustainability, market interest rates rise, which can reduce private investment. That is why a credible and sustainable fiscal policy is crucial.

    MIL OSI Europe News –

  • MIL-OSI Banking: Private labels surge as US consumers prioritize value amid inflation and tariff uncertainty, says GlobalData

    Source: GlobalData

    Private labels surge as US consumers prioritize value amid inflation and tariff uncertainty, says GlobalData

    Posted in Consumer

    Following the underwhelming Q1 2025 results from several major US food manufacturers, driven in part by tariff uncertainties dampening consumer spending;

    Hannah Cleland, Senior Consumer Analyst at GlobalData, offers her view:

    “The ongoing inflationary pressures in the US have driven consumers to prioritize affordability, fuelling a marked rise in private label purchases. With 45%* of US shoppers now turning to these products to manage rising costs, store brands are increasingly seen as credible alternatives to national labels.

    “As American shoppers become more discerning, retailers are responding by enhancing the quality of their private label ranges, striving to match the standards set by their European counterparts. Notable examples include Walgreens’ ‘Nice! For You’ range, which emphasizes clean ingredients, and Walmart’s premium private label offerings, which cater to the health-conscious consumers. This move towards higher quality and cleaner ingredients is particularly pertinent as US health secretary Robert F Kennedy Jr is cracking down on artificial additives such as dyes in food and beverages.

    “In light of the ongoing trade tensions, partnerships between domestic manufacturers and retailers can serve as a strategic advantage in mitigating potential tariff costs. This approach also helps minimize the risk of consumer boycotts of American brands due to recent tariff announcements. For instance, AB InBev has effectively highlighted its domestic bottling operations in Canada as part of its marketing strategy for brands like Budweiser. In Canada 72%* of consumers strongly/ somewhat agree political events have made them pay more attention to the country of origin of products they buy as of Q1 2025.

    “As the landscape of consumer goods continues to evolve, the rise of private label products presents a unique opportunity for both retailers and manufacturers. With growing consumer demand for quality and affordability, businesses must adapt their strategies to leverage the potential of private label offerings while addressing the challenges posed by tariffs and shifting market dynamics.”

    *GlobalData Q1 2023 and Q1 2025 global consumer surveys, 22,000 respondents across 42 countries.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Cell and gene therapy market set to grow at 31.3% CAGR through 2030, forecasts GlobalData

    Source: GlobalData

    Cell and gene therapy market set to grow at 31.3% CAGR through 2030, forecasts GlobalData

    Posted in Pharma

    The global dermatological cell and gene therapy (CGT) market is poised for exceptional growth at a compound annual growth rate (CAGR) of 31.3%, with sales projected to rise from $291 million in 2024 to $1.5 billion in 2030. Significant advancements in treatments for dermatology disorders are anticipated, driven by innovations from both small to mid-size pharma and biotech companies, says GlobalData, a leading data and analytics company.

    Krystal Biotech’s Vyjuvek (beremagene geperpavec), the first-ever and only redosable gene therapy, received FDA approval in May 2023 for dystrophic epidermolysis bullosa (DEB), a serious rare genetic disease that affects the skin and mucosal tissue.

    Momna Ali, Healthcare Analyst at GlobalData, comments: “GlobalData anticipates future therapies in development to treat DEB will likely be the primary driving force of market growth of the dermatology CGT landscape, contributing $1.2 billion by 2030, accounting for 80.11% of total CGT sales.”

    As per the key opinion leaders (KOLs) interviewed by GlobalData, there has been a heavy focus on DEB due to it being one of the first indications where gene therapy was actively pursued. It has remained the primary focus in gene therapy as there is a huge unmet need given that current treatments, apart from Vyjuvek, are supportive and palliative.

    Ali adds: “There is an opportunity for geographical expansion for the existing players in the CGT space, Krystal Biotech’s Vyjuvek and Rheacell Pharmaceutical’s Amesanar, resulting in gene therapies potentially dominating the CGT market in dermatology disorders.”

    In February 2025, Krystal Biotech received a positive opinion for Vyjuvek to treat DEB from the Committee for Medicinal Products for Human Use (CHMP), with the final EC decision anticipated in Q2 2025. Aditionally, anticipates a regulatory decision on its DEB mesenchymal stem cell therapy (ABCB5+ MSCs) within the next few years, potentially enabling a launch in the US. Additional market opportunities include further expansion in the EU beyond Germany and the UK.”

    Although the landscape outlook appears to be positive, market challenges remain. KOLs noted that the key hurdles are associated with the administration of gene therapies, which pose a challenge to treatment delivery, such as immune responses to vectors or gene products, as well as mutagenicity. However, companies are developing less immunogenic viral vectors and exploring non-invasive methods such as topical delivery systems. For example, in 2023, Krystal Biotech set a precedent for a topical gene therapy utilizing HSV-1 vectors in the dermatology market.

    Ali concludes: “Despite the challenges such as safe delivery of genetic material, pricing, and access barriers, GlobalData anticipates significant growth in the global dermatological CGT market in the future. This growth is expected to be driven by two key factors: strong demand from patients seeking curative treatments for their diseases, and widespread interest among both small and mid-pharma companies in discovering the next breakthrough transformative gene therapy to give Krystal Biotech’s Vyjuvek some solid competition.”

    MIL OSI Global Banks –